Tax Return Deadline
As Christmas is well and truly over, and 2016 is well underway, it is important to remind you about the tax return deadline on 31st January. However, you shouldn’t wait till then to get it completed.
We would recommend filling in your tax return form earlier rather than rushing it last minute and panicking that you may miss the deadline. It seems people have been taken this advice this year, too.
2,044 people spent their Christmas Day filling out the form, whilst 24,546 people spend the last day of 2015 filling out their tax returns. 600 people actually filled out the form in the early hours of the morning of New Year’s Day up til 10am.
Whilst this may seem to be too extreme, it means they have got it out the way and don’t risk facing the automatic £100.00 fine and then £10.00 a day after that.
Remember, you only have to complete a tax return if you are self employed, are a company director, have income from properties (e.g. a landlord) or have an extra income that cannot be taxed through the PAYE system.
If you have not received a tax return form the HMRC in the post, and you are aware that you need to fill one out, then you should have requested a form from the HMRC. If you haven’t done so, you should contact the HMRC helpline on 0300 200 3310 to sort this issue out. If you fail to do so, then you risk either paying interest on tax that is late or risk facing a fine.
We have a useful countdown on our homepage to remind you how long you have left to complete the tax return form, but don’t leave it to the last minute and make sure you complete it sooner rather than later.