Business Articles
New Self Assessment Tax Return Author Reveals Top 5 Tips for Last-Minute Filing
10 million self assessment tax
returns must be filed by the deadline of January 31st for the
correct amount of tax to be paid. However,
despite receiving the forms in April and May at least one third of tax payers leave
it until January to file them.
Last year 2.6 million returns where
filed in the final 2 weeks for the year.
And a further 900,000 failed to complete their returns on time and received
a £100 plus interest for late payment.
James explains,
“The most important thing to
remember is that there’s still time to get your return in, but you should act
quickly as most resources to help you will be busy in the final two weeks of
the year.”
Last year the online filing system faced
a huge volume of returns on the 29th and 30th of January
with the result that many users where unable to file, and many of those who did
file on time received emails stating their returns had failed.
The problems were so severe that the
HMCE where forced to extend to give an extension to on-line filers, although
that didn’t prevent 800,000 erroneous penalty notices being issued causing a
lot of confusion amongst tax payers.
To help get two million people through
this stressful period James recommends the following:
1. Use On-line
Filing at Off-peak times. The online system is expected to be swamped in the
last few days of January. If you need to file during this time, the system is
considerably less busy early in the morning, so set your alarm clock early
rather than staying up late to complete your return.
2. For
paper filers you must make sure your return is received by your tax office by
Tuesday the 31st January. Receipts are no longer issued for hand
deliveries, so I would recommend you send return by recorded delivery or
special delivery to ensure there is a full record of its receipt. Returns do
often go missing, so a record is a good idea.
3. If in
doubt – make the call. The self
assessment helpline 0845 9000444 is available from
4. Don’t
wait for a statements, payments are also due on the 31st January. If
you don’t know how much tax is due, always overestimate the amount due than
underestimate, you will get a refund for any overpayments. You can pay over the
phone on 0845 305 1000 between
5. When your
return is processed and you receive a statement. Take time to check the amount due for common
sense. The National Audit office’s report in June 2005 stated there was a 6%
error rate on the HMCE’s processing of manual tax returns.
“How to Complete Your Tax Return” by
All articles reproduced with permission from This Is Your Business