As you might know, the deadline to submit your Self-Assessment Tax Return ended on 31 January 2022. According to HMRC there are still more than one million people who have yet to do so, having taken advantage of the extra time allowed to complete your Self-Assessment Tax Returns. Are you one of them?
If you are, it is important to know that the late submission must include the payment of the outstanding tax bill or a setup of Time to Pay arrangement to avoid a late filing penalty. Interest will still be charged after 1 February 2022.
Luckily, we have summarised a few ideas to speed up the process:
- Give it priority and plan to have it done, we recommend doing it all in one attempt and that way it will not take too long.
- Find and collect all relevant paperwork and information (if applicable) such as your business expenses, P60, P11D, P45, annual pension statements, interest earned on savings and accounts, gift aid payments, rental income from tenants and possible earned dividends.
- Gather your records from: National Insurance, Income Tax from Employments, Dividends Earnings, and Capital Gains Tax.
- Gift Aid – have you made any charitable contributions? These might be included as you would get tax relief on them.
If you do need help, we are happy to support you. If you have already submitted late and believe some penalties are unfair, you can always appeal, and we can help.
For more information, find your local AIMS accountant as they will provide further benefits to your business by joining AIMS.