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January is always an extremely busy month for anyone working in the bookkeeping or accountancy sectors. With the online self-assessment tax return deadline of 31 January looming, we are working overtime to help our clients get their books in order and ensure no one incurs penalties for late filing.
However, while we are here to lighten the load and make sure everything is in meticulous order, there are things you can do to ensure the process goes as smoothly as possible and you're not left panicking at the last minute. In this blog, we outline some of the key information you need to know about self-assessment tax returns for the 31 January 2021 deadline and how you can prepare this year for next January's deadline.
You will need to file a self-assessment tax return if you:
You cannot file a return online if:
Instead, you must use commercial software or download other forms.
You will need to pay a £100 penalty if your self-assessment tax return is up to three months late. If it is delayed even longer, you will have to pay more. You will also be charged interest on these payments. Therefore, to avoid hefty fines, you should make sure you prepare everything you need for your tax return well in advance. We recommend starting as soon as possible and at least six months beforehand, but it is never too early!
To complete your tax return, you should have the following information:
If you are uncertain as to whether you should be completing an online self-assessment tax return, or you need help with what needs to be included, then we are here to help. Please give us a call on 01892 559480, or get in touch via our online enquiry form.