Don’t forget the Self-Assessment deadline
While most people will be focused on the festive celebrations at this time of the year, businesses and their owners must not forget the all-important Self-Assessment deadline.
The deadline for sending 2016-17 tax returns to HMRC is midnight on 31 January 2018.
The penalty regime for missing the 31 January filing deadline includes an initial £100 penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
Any tax due from the previous year must also be paid by midnight on 31 January, or penalties may also be issued for late payment of tax.
It is important that you do not leave submission until the last minute, as from experience HM Revenue & Customs tends to take a more careful view of those returns submitted near to the deadline.
If you haven’t submitted your tax return yet or provided information to your accountant to assist them with the necessary preparations, now is the time to act!