It’s always best to get your self-assessment returns done as soon as possible, rather than leaving it to the last minute. If you don’t, then there’s the risk that problems could arise and you won’t have the time to resolve them. With effective tax planning services from your accountant, you can reduce the risk of missing deadlines or incurring fines.
If you’re not confident with financial tax planning, then you might miss out some important information on your tax returns. Here are some of the potential problems that could arise and how to ensure your return is accepted without any delays.
Forgetting the Deadline
It might seem simple, but there are still plenty of people every year who fail to meet the deadlines. Tax planning services can prevent this happening and you incurring fines. The deadline for paper returns is 31st October and for online submissions it’s 31st January.
Not Declaring Everything
It’s essential that you declare every form of income on your tax return. Failing to do so could lead to hefty fines and the UK tax services will investigate any suspicious returns. This includes all income from employment, benefits such as maternity and paternity pay, statutory sick pay and job seeker’s allowance, pensions, interest on taxable savings and other investments, dividends, property and capital gains. There are some exemptions, including non-taxable investments (for example, ISAs) and winnings from Premium Bonds and the National Lottery.
This is also a problem area as tax payers either try to claim for items that aren’t permitted or don’t know exactly what they’re entitled to claim for. This means they could be losing out by not including some deductable items. It’s wise to check with your accountant to ensure you’re not missing out.
By ensuring your financial tax planning is up to date, you’ll be able to quickly and easily complete and submit your returns with minimal delays. However, submitting it close to the deadline doesn’t give you the opportunity to rectify any problems.
At JF Hornby & Co we can offer a wide range of tax planning services for both individuals and businesses. We pride ourselves on providing a personal service and understanding our clients’ needs. If you need further information on our UK tax services, one of our team will be happy to help.