Mobile-friendly – There is more than one deadline coming up if you need to do a tax return. The tax year ended on 5th April 2016, and if you had any income from self-employment, or any capital gains, or any other income that the Revenue do not know about, then the deadline for filling in an electronic tax return is 31st January 2017. If you miss this deadline then the penalty is £100. The second significant deadline is to pay any tax due by 2 March 2017 or 30 days later. If you miss this deadline then the penalty is 5% of the tax payable which could be a lot more than £100.
In order to file a tax return you need a Unique Taxpayer Reference which is abbreviated to UTR. If you have never previously been self-employed, then you possibly don’t have one and will need to apply for it, which we can do for you online. This can take 7-10 days. There is a second stage where you appoint us as your tax agent which can also take 7-10 days. We can file your tax return before the second stage is complete, but we cannot verify it online until the second stage is done. If you already have a UTR, then we will ask you for a Revenue document which shows it. This can be e-mailed to us as a PDF file. We would also ask for written evidence of your National Insurance Number. Time is short and we want to get things right first time.
It is human nature to leave things to the last minute, but you should be aware that if you do, then things can go wrong which are nobody’s fault, but you will still need to pay the penalty. If you engage us as your accountant, then we will use all the latest technology to do your accounts and tax return quickly, but realistically, we are only human and you would do best to have £100 put by. We might also comment that if you leave things late, then there will tend to be more bureaucratic hoops to jump through of a type where we normally shield our clients.
Strictly speaking, 31st January is also a deadline for paying your tax. If you pay any time in February, then there will be an interest charge, but this merely reflects the interest you might earn through leaving the money on deposit. Often this interest charge is waived if it is a small amount. The deadline to worry about is the 2nd March date when 5% surcharge is added all in one go. We will work as quickly as possible, and we can e-mail you a notice giving you the details to make an electronic payment so it can be done promptly once your liability is known.
We scan bank statements using optical character recognition and we have several other fast technologies to assist in preparing accounts, so with a complete set of information we can very easily do everything within a month. However getting the bank statements could be an issue, and getting you signed up with the Revenue could also be an issue. In general terms, we would advise you to avoid doing research on what happens if you leave things to the last minute because there can be some nasty surprises. You need to get a move on!
This website is mainly for the self-employed rather than companies, for whom we have a separate website. Its landing page may vary according to what is appropriate for the time of year. The previous landing page was a Warning about Tax Returns. The next landing page is about the end of the tax year on 5th April. Some older search engines may take time to update their display.