Most of us who are required to submit a tax return will be well aware of the impending due date of 31st January getting closer and closer. A mandatory £100 fine is given to all those who fail to meet it as soon as you cross midnight on 31st January, and further delays and the penalties can increase up to £1600.
We therefore turned to Supply My Business member Macaroni Accounting to help you avoid the stress by giving us some tips so that you can deal effectively and efficiently with tax obligations to keep HMRC off your back. Head Accountant Peter Allen advises SMB community members to;
- Speak to your accountant now before they get busy
- Be organised and give them everything they ask for in one go
- Don’t forget bank interest summaries as you may be due a refund if you are a basic-rate taxpayer
- Try and get your tax return submitted before the end of December if you owe tax and have a PAYE code
- The option to ask HMRC to collect tax due through a PAYE code is not available if the return is submitted in January.
Any one needing further help or assistance, should visit Macaroni Accounting profile page and contact them for further assistance.