When to Complete Your Tax Returns

Running your own business comes with responsibilities. You may now pay salaries to employees/directors and dividends to shareholders, manage end of year paperwork, and network with potential clients for your next flourishing role. You welcome these tasks as your new norm in exchange for being your own boss. But when do you start organising and submitting your online tax return?

Mark your calendar for 31st of January, 2018.

31st January 2018 is the final deadline for online tax returns. If HMRC delivers a notice for an online tax return after 31st October 2017, then you have up to 3 months from the issued date. It is an exception to the deadline rule.

If you miss the cut-off date then you are charged a fine. After the initial penalty, you are charged further late fees on a daily basis, which quickly leads to additional payments. This may add up to £900 or more.

Doing a little each day prevents you from scrambling around last minute in a panic, which can lead to inaccuracies. In this area, errors are costly. And, if you find a mistake afterwards and wish to correct it then restrictions apply.

If you have any questions, feel free to contact us today. We are here to help with your tax return in an effective, time-saving, and prosperous manner.