Leave plenty of time to complete your tax return, says ICAEW Manchester as 31st January tax return deadline is just days away!
Were you were one of the 50,358* people who filed their online tax return during the busiest hour on 29 January last year? ICAEW Chartered Accountants Manchester is urging all the last minute filers to start completing their self assessment ahead of the deadline this year.
Alan Clarke, President of ICAEW Manchester, explains: “In 2016, 823,000* returns were submitted on 30 and 31 January. Putting your self assessment off until the last minute can lead to mistakes and you may have to pay a fine if HMRC deem you have not taken enough care in completing it.
“There are still two weeks until the tax return deadline and I urge everyone who is yet to submit their self assessment to start filling it in. HMRC have a zero-tolerance policy and an initial £100 fixed penalty will apply even if you submit at one minute past midnight on the 31st. After 3 months, this penalty will increase and can add up to a maximum of £900.
“Don’t forget, if you are submitting your tax return online for the first time, you have to register and that takes time. You will need your 10-digit unique taxpayer reference number (UTR) which you can typically find on HMRC letters. When you enrol, you will be sent an activation code in the post, which could take up to seven days to arrive. This means you need to register as soon as possible to ensure the activation code arrives in time, ahead of the 31st January deadline.”
*Figures according to HMRC press release 01.02.16: