As the online self-assessment deadline approaches on 31 January, it can strike fear into the self-employed, landlords, contractors and company directors alike but all that is required is simple planning and practical advice according to Belfast businessman Jim Andrew of TaxAssist Accountants.
Belfast Tax Expert, Jim Andrew, offers his advice as 31st January self-assessment deadline looms.
TaxAssist Accountants in Belfast, a local business providing accountancy services and practical tax guidance on personal tax positions and planning opportunities, are tackling this issue head on, and helping small business owners and self-employed individuals across Belfast, North Down, Lisburn, Newtownards and the surrounding area get to grips with their tax returns ahead of 31st January 2016.
Jim Andrew, who runs TaxAssist Accountants on the Cregagh Road Belfast, explains, “Once the new tax year starts, it’s only a matter of time before you need to dig out all those old invoices and expenses, dust off those ancient bank statements and tell HMRC your income.
“Self-assessment is not too difficult but it is certainly time consuming and I do understand that many just need a helping hand. Simple planning and the right advice can make completing a self-assessment tax return relatively painless. A self-assessment tax return doesn’t only apply to businesses. HMRC have identified that if you are a landlord, or considered a high earner, you too must also complete a tax return.”
HMRC take a tough line on carelessness and non-compliance, Taxpayers could even face prosecution if they are negligent. If you need to submit a self-assessment tax return it is crucial you get it in on time and free of any mistakes, as penalties are issued if HMRC deem you have not taken enough care when completing the tax return.
Jim added: “Your self-assessment tax return planning must work towards the deadlines outlined by HMRC, otherwise you will receive a late filing penalty. Therefore, planning is imperative, to ensure you allow enough time to check that you have all the correct documents and each page is completed accurately. Financial penalties vary upon lateness of the return but they can be as much as up to £1600.
“Whilst it is easy to make genuine errors, expertise and experience are key to completing a self-assessment tax return both correctly and efficiently, otherwise you are likely to run into long delays as you attempt to make your way through the assessment, and as a result you are increasing your chances of a late submission, receiving a penalty or worse still being investigated.
“Self-assessment may seem extremely daunting, especially for first timers, it can be relatively straightforward, provided that you have the information to hand. For those taxpayers who still have to complete their tax return by 31st January 2016, the message is simple – make sure you get practical advice and assistance and submit it on time!”
