Tax Return Deadline – 31st January 2016

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Tax Return Deadline - 31st January 2016

At Abacus Accounting Services we do our very best to ensure all clients get their tax returns submitted before the January deadline each year. We make sure we remind clients in plenty of time. We realise however that when you are running a business it is easy to forget things or to put them to one side.

We are quickly approaching the 2014-2015 Self Assessment tax return deadline. Everyone with a UTR (Unique Tax Reference Number) must submit a tax return to HMRC by the 31st January 2016. Failure to do so will result in a £100 penalty imposed by HMRC. The penalty then increases after 3 months.

We would recommend to get paperwork to your accountant as soon as possible. If you are not an existing client feel free to call us or come to the office with your paperwork and we will strive to file your tax returns before the January deadline. The tax return needs to include all income from 06th April 2014 to 05th April 2015. This may include (amongst others) Self Employment, partnerships, capital gains, rental income, employed income and dividends.

If you have any tax to pay for the 2014-2015 tax year, this is also due to be paid by the 31st January 2016. Therefore, the earlier you get your tax return submitted, the more time you have to pay any tax due.

Even if we cannot register you online in time to submit your tax return before the end of January we can use commercial software to submit to HMRC which will still mean you can avoid being late. We can then register you in the normal way on HMRC in time for next year.

Every year hundreds or thousands of people either fail to submit tax returns or submit them late and incur penalties. Please feel free to contact us and avoid unnecessary penalties and interest.

The Abacus Team.