It’s the 31st of January, you know that your self-assessment tax return is due today, but it’s not finished yet and the panic is starting to set in a little bit. But fear not! Here are some last-minute tips for getting your tax return in on-time, to help you avoid any repercussions that may come from a late return.
Include As Much Information As You Can
Your self-assessment tax return will be extremely detailed, and there are even sections that include a comment box so that you can input more information about things like your expenses and your income. We highly recommend taking advantage of these boxes, because they will help you better explain your return to HMRC and halt any delays in your return being processed.
Double-Check Your Forms
Before you press submit on your self-assessment tax return, you are given the opportunity to double-check the entirety of your form. Make sure that everything you’ve included is correct, to the best of your knowledge, before you put the form through. Once you’ve submitted it, you can’t change anything unless it’s rejected, and you’re asked to resubmit it. It’s better to take your time and check everything at least twice. Late submission is not ideal, but it won’t be the worst thing that could happen.
Yes, the deadline is approaching fast, but you shouldn’t let yourself get overwhelmed. Tax returns can definitely be daunting for anyone – but especially for new business owners or freelancers. Go over your information in as much detail as you can and be sure to click the little question mark icons when you aren’t sure about something that you’re filling in – these icons will activate an informational page on whichever subject you’re currently filling in.
You Aren’t Alone
There are thousands of people out there that own their own businesses. They’ve asked the same questions that you’re asking, and forums all over the internet have recorded the answers for you to find. If you can’t find the information you need on the Government website, try using a search engine to ask your question. You’ll be surprised at how helpful other people can be when someone is struggling with their tax returns.
Understand The Dates
The deadline for this year is for the tax year between April 2017 to April 2018. Though the 31st of January is the “deadline”, you could complete your tax return later, but you would face a hefty fine for it. That might be okay if you’re a larger business, but for small start-ups and freelancers on their first year, you’ll want to finish that return as soon as possible. The busiest time to submit your return is usually between 4pm and 5pm, so expect delays in your connection to the .gov site, and long queues if you need to call HMRC during that hour. The rush has already started, so the quicker you get your return done, the better.
At Cove Accountancy Services, we specialise in helping sole traders and small business owners get their personal tax returns prepared and submitted in a timely manner. We’ve worked with business owners of all sizes and in all industries, and can help you work out what information you need, gather it together, fill in the forms and even submit them for you. To find out more, just get in touch with us today.