2018/19 Self Assessment Tax Return Filing Deadline Fast Approaching

It’s that time of year again, where personal tax return filing deadlines are fast approaching:

  • Paper returns have to be filed by midnight on 31 October 2019
  • Electronic filing, including online, have until midnight on 31 January 2020

Filing early avoids the last minute panic and the HM Revenue & Customs busy periods.

At Smarter Accounting we are now approaching our busiest time of the year, ensuring that our clients’ tax returns are all completed and filed on time. If you’re a client of Smarter Accounting or another firm of accountants, the quicker you send in your information and records the better and the quicker you will get your tax return completed and filed. You’ll also know what tax needs to be paid.

We can file tax returns electronically and therefore can file returns right up until the 31 January 2020 deadline. Getting returns filed on time is critical to avoid fines that HM Revenue & Customs will levy on late filed returns:

  • Missed filing deadline – £100
  • 3 months late – daily penalty of £10 for up to 90 days (maximum £900)
  • 6 months late – 5% of tax outstanding or £300, whichever is greater
  • 12 months late – 5% of tax outstanding or £300, whichever is greater
  • Further fines of up to 100% of tax outstanding after that!

There are also fines for late payment of tax. Therefore getting you tax return filed and paid on time is critical!

Smarter Accounting are an independent firm of chartered management accountants and we offer a full range of accountancy services, including accounts production, tax returns, payroll bookkeeping, vat, business advice. We are a friendly team with a wide range of knowledge and experience. We’re fully up to date with the latest HM Revenue & Customs developments, including Making Tax Digital.

As Xero Gold Partners, QuickBooks Platinum Certified ProAdvisers and Sage Accountant Partners, we are well versed in the variety different software out there to help mange your business.  If you want to talk to us about your systems and processes and are think if needing a change or need advice, we’re digital accounting experts and will be only to glad to help and assist you.