The new tax year started on 6 April, which means it’s time to start thinking about your 2016/17 Personal Tax Return, otherwise known as your self-assessment.
You might already have your tax return completed, or you might normally wait until the last minute, but if you haven’t completed it yet why not get it out of the way early?
Here are some reasons why you should complete your Personal Tax Return as early as you can this year:
- There’s less to worry about – with your Personal Tax Return out of the way, you have one less annual admin task to worry about and you can focus on other things
- Understand your tax liability – filing early will mean you’ll be able to find out what tax you may owe or be owed, so you can plan and budget your cash flow accordingly. If you are owed a tax rebate, you could receive the funds quicker if you file your tax return earlier. This is because HMRC is not as busy during the summer months.
- Organisation means fewer mistakes – the longer you wait until you file your return and the more you have to rush to complete it, the more likely it is that you could forget to include something on your return, or that you might misplace paperwork.
- Time to seek expert advice – if you prefer to have an accountant complete your return for you or would like help with a portion of the process, you’ll have plenty of time to liaise with an accountant if you start the process early.
If you choose to have an accountant prepare your personal tax return for you, there are usually some money-saving opportunities there. We have a fully-expedited Personal Tax Return service, and you can currently save money off the fee if you choose to file with us before the end of August. Contact us today to get started.
Paper tax returns are due at midnight on 31 October 2017 and online tax returns must be filled out and submitted by midnight on 31 January 2018. You must have been registered for a self-assessment for the 2016/17 tax year by 5 October 2017. The dates coinciding with the 2016/17 tax return are 6 April 2016 to 5 April 2017.
If you are up to three months late filing your Personal Tax Return, an automatic £100 fine will apply even if you don’t owe any tax. There are further charges and penalties for being three months late in filing. If you do owe tax, there are additional charges for failing to pay your tax bill 30 days or more after the deadline of 31 January 2018, such as late payment penalties and payment interest.
If you haven’t yet filed your Personal Tax Return for years preceding the 2016/17 tax year, or if you haven’t paid the tax you owe for past years, please contact us immediately.
You must complete a Personal Tax Return for the tax year 6 April 2016 to 5 April 2017 if:
- You are self-employed
- You are a higher-rate tax payer
- You are the Director of a limited company and pay yourself via dividends
- You receive rent or income from property in the UK
- You receive foreign income even if you don’t normally live in the UK
- You receive any form of untaxed income, capital gains or losses
- You have your own pension fund or certain savings and investments
- You receive other untaxed income, specified by HMRC
Choose Churchill Knight & Associates Ltd to complete your Personal Tax Return:
As accountancy and personal tax experts, we’ve completed over 20,000 Personal Tax Returns for regular and non-regular clients all over the UK.
When appointing Churchill Knight to complete your Personal Tax Return, you’ll benefit from:
- Completion and submission of your Personal Tax Return by our accountants
- Upon receiving all the information required from you to complete your return, we guarantee to complete and submit your return accurately, lawfully and on time
- We’ll be on hand to answer your questions and concerns and give you peace of mind
- We’ll advise you if your due a tax refund or if you will owe any tax
- We can advise you on ways you can legally save on tax and maximise your take home pay
Find out more about our Personal Tax Return service.
Know someone looking for an accountant to file their Personal Tax Return? Refer them to us and receive a £50 bonus.