January 31st is a tax advisers worst nightmare when it comes to filing deadlines.
Many will understand that as the end of January draws in, working hours get longer and most new year’s resolutions regarding ‘eating healthier’ and ‘hitting the gym more often to get into shape’ soon go out the window due to the extra time needed to be put in to meet the looming deadline.
Although the deadline for 2017/18 has now passed, many still need to get their returns filed to HMRC as statistics show more than 700,000 missed the deadline and will incur an immediate £100 late filing penalty.
Here we will look at what the key deadlines coming up are and why you might want to consider using a tax adviser to help you to file your returns going forward.
Preparing and filing your own tax return isn’t necessarily the hardest task in the world as many of the 11.5 million self assessment tax return preparers in the UK file their own returns.
So why should you consider using a tax specialist like Wisteria?
1) One of the biggest advantages is the time that you take back to do what you like doing. By having someone prepare and file your returns, you are free to spend your time doing other hobbies rather than sitting in front of a screen with lots of paper trying to work out what tax is due.
2) Complex issues can be more easily resolved – by leaving it to a competent professional, you can be sure that your returns are being completed correctly. For example if you previously lived in a property but have rented it out for many years, it can be difficult to understand what the correct tax should be on the eventual disposal of the property with the reliefs that might be available to you.
3) As a follow on from (2) above, you don’t need to stay on top and up to date with constant changes in the tax law – you can leave this up to the professionals.
4) Ability to use other tax services – over and above the normal compliance service, Wisteria would also offer the ability to tap into other areas of expertise (such as tax planning, inheritance tax planning, investment opportunities (through partner financial advisers) and other tax efficient ideas to optimise your tax position.
Key dates
5th April 2019 – this signifies the end of the current tax year (the 2018/19 tax year)
31st July 2019 – due date for the payment of your 2nd payment on account towards your 2018/19 tax liability (if applicable)
5th October 2019 – this is the date by which you need to register with HMRC for self-assessment by if you now meet the requirement to file a return in the 2018/19 tax year [failure to do so could result in additional penalties being issued by HMRC].
31st October 2019 – filing deadline for your UK Self-Assessment tax return if you are sending your returns in by post 31st January 2020 – filing deadline for your UK Self-Assessment tax return if you are filing your return online.
31st January 2020 – payment of your 2018/19 balancing payment and 1st payment on account towards 2020/21 (if applicable)
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