BUSINESSES and individuals are being urged to ensure they stay on the right side of HMRC, as the self-assessment deadline looms.
The final date for submitting online tax returns and paying any tax owed is January 31. Failure to meet this deadline could result in penalties.
Managing Director of JF Hornby & Co, Paul Hornby, is urging the firm’s clients to take action now – especially if they need support in preparing their returns.
“We will be by our clients’ sides throughout January as they collect the information we need to ensure their tax return is processed and submitted on time,” he said.
“This is always a busy month, with the JF Hornby team working extended hours to ensure everybody has the support they need to keep their tax affairs in line.
“As a business, we have more than 2,000 clients – so my plea to anybody we are submitting a return for, is to provide us with the information as soon as possible so we can ensure all deadlines are met.”
For those who are self-employed, or have untaxed income from various sources, submitting a tax return is essential to comply with UK tax laws. This includes – among other things – income from renting out property, savings, investments, and overseas income.
The process involves gathering financial records, including P60 or P45 forms, receipts, and bank statements and calculating tax owed to HMRC based on the income levels and once tax allowances have been considered.
Although HMRC offers online services and guidance for those filing their returns, many find the process challenging and time-consuming and opt to pay for professional support.
If you are struggling, the team at JF Hornby & Co can help. Call 01229 588077 for more information or email jfh@jfhornby.com
