Self-Assessment paper filing deadline approaches

AS the Self-Assessment paper filing deadline approaches, it can strike fear into the self-employed, landlords, contractors and company directors alike but all that is required is simple planning and practical advice according to TaxAssist Accountants.

The 31st October is the deadline for filing self assessment tax returns on paper and it would seem there is an increasing number that can’t always file online or don’t want to. TaxAssist Accountants, a national network of accountants, with two franchisees in Northern Ireland, located in Belfast and Ballymena, are tackling this issue head on, and helping small business owners and self-employed individuals get to grips with their tax returns.

Jim Andrew, of TaxAssist Accountants, explains, “Once the new tax year starts, it’s only a matter of time before you need to dig out all those old invoices and expenses, dust off those ancient bank statements and tell HMRC your income.

“It’s not too difficult but I do understand that many just need a helping hand. At TaxAssist we’ve found that there is an increasing number of people who prefer to file their tax return online but there are a few who, for whatever reason, HRMC need them to complete it by post and that is where the deadline of 31 October 2015 is key.

“Simple planning and the right advice can make completing a self assessment tax return relatively painless. At TaxAssist, we complete tax returns, provide practical advice on personal tax positions and planning opportunities, plus advise on exactly when to make payments and how much to pay.

“A self-assessment tax return doesn’t only apply to businesses. HMRC have identified that if you are a landlord, or considered a high earner, you too must also complete a tax return.”

HMRC take a tough line on carelessness and non-compliance, Taxpayers could even face prosecution if they are negligent. If you need to submit a Self Assessment Tax Return it is crucial you get it in on time and free of any mistakes, as penalties are issued if HMRC deem you have not taken enough care when completing the tax return.

Jim continues, “Your Self Assessment tax return planning must work towards the deadlines outlined by HMRC, otherwise you will receive a late filing penalty. Therefore, planning is imperative, to ensure you allow enough time to check that you have all the correct documents and each page is completed accurately. Financial penalties vary upon lateness of the return and can be as much as up to £1600.

“Whilst it is easy to make genuine errors, expertise and experience are key to completing a Self-Assessment tax return both correctly and efficiently, otherwise you are likely to run into long delays as you attempt to make your way through the assessment, and as a result you are increasing your chances of a late submission, receiving a penalty or worse still being investigated.

“Self-Assessment may seem extremely daunting, especially for first timers, it can be relatively straightforward, provided that you have the information to hand. For those taxpayers who still have to file their paper tax return by 31 October 2015, the message is simple – make sure you get practical advice and assistance!”