Self-assessment reminder

The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017.

Here are the 5 step guide necessary to complete self-assessment on time.

1.    Information you need

You’ll need your most up to date records at hand, including:

• business expenses
• PAYE records (if applicable)
• VAT records (if applicable)
• personal income
• allowable expenses.

2.    Completing the form

Access the HMRC self-assessment page on the site and complete the form.

Speak to us if you have any problems filling in your form.

3.    Your tax bill

HMRC will calculate and send you the amount of tax due.

All tax for the 2015/16 tax year needs to be paid by 31 January 2017.

If your tax bill is more than £1,000 you may need to make an advance payment (a payment on account) towards your 2016/17 bill by 31 January 2017.

There is a second payment on account deadline on 31 July 2017.

4.    Payment

There are several ways to pay your tax bill, including:

• credit or debit card
• telephone
• post
• online banking.

5.    Penalties

A penalty of £100 is charged if a return is up to 3 months late. Penalties will increase if the return is even later or if payment is late.

Payments by post or direct debit will take up to 3 working days.

We can assist you in completing your self-assessment tax return on time. Contact Sue Stephens.