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Updates from the Clayton & Brewill team.
Prepare early for the 31 January tax return deadline
For the 10 million people who need to file their personal tax return, 31 January is the latest date for both filing and paying any tax due.
With 31 January falling on a Saturday, Clayton & Brewill's Doug Perry reminds both employees and the self-employed to plan early to avoid a penalty fine from HMRC.
Saturday 31 January
Yes, 31 January falls on a Saturday this year.
It shouldn't be a problem for filing the tax return but you do need to make sure you understand your bank's payment system. Same day transfers are not always available at the weekend so you might need to bring forward your planned filing and payment date to avoid being hit with any late payment interest.
Not filed online before?
First time you have made an online tax return? Make sure you are registered to use the service.
You need to do this as soon as possible as it can take time for your Unique Taxpayer Reference (UTR) number to come through.
Register here for the self-assessment service: https://online.hmrc.gov.uk/registration/
30 December incentive for employees filing tax returns
If you find yourself at a loose end or need to escape the turkey and crackers you might want to file early.
If you file before 30 December and your tax bill is less than £3,000, HMRC can adjust your PAYE code so that the tax you owe can be collected over a longer period. You can still pay it as a lump sum if you would prefer.
This option isn't open unfortunately to the self-employed who will need to pay their tax in the usual January and July windows.
All seems a bit too much?
It's easier than you think to have Clayton & Brewill help you with your self-assessment.. and we might even be able to help you pay less tax.