What is the significance of the 30th September deadline?
Moira Stewart, the face of the Self Assesment Campaign
On the TV this month you will see adverts from HMRC, urging you to get your Tax Returns in by the end of the month or face potentially dire consequences; so should you be worried? The quick answer is an emphatic No!
HMRC’s own website actually states that the 30th September deadline has no significance for PAYE taxpayers who send their Tax Returns online, as you will automatically have your tax calculated for you providing the Tax Return is filed online by 30th December, with any tax due that is less than £2,000, collected through your PAYE coding in the 2013/2014 Tax year.
In reality you have even longer, as legally you have up to midnight on 31st January 2013 to file your Return, whether you are a PAYE taxpayer, a Company Director or one of the growing army of the Self-employed. So why the panic?
The simple truth is that the HMRC online filing system would effectively implode if everyone filed their Tax Returns at the last minute and by deliberate scare tactics, they are trying to get people to file early so they have some chance of coping with the rush.
You should not however be complacent, as not only does your Tax Return have to be filed by 31st January, any Tax due also has to be paid by that date and if you leave matters to the last minute, and the Tax bill is bigger than you anticipated, you may struggle. So what should you do?
If you are a PAYE taxpayer and only fill in a Tax Return because you pay tax at 40% or receive a Taxable Benefit from your employer, you may be capable of doing it yourself. If however your Tax affairs are more complex; such as individuals with multiple income streams, complicated investments, income from property, being a Company Director or Self-employed, my advice is to see a competent local Accountant.
Providing you have collated all necessary documentation, the cost of having your Tax Return prepared professionally, can be quite inexpensive and your Accountant could well save you a significant amount of tax through his or her expertise and experience.
So don’t delay, pick up the ‘phone or go online and contact your Accountant or visit our Self Assessment Page
David Jones is the Senior Partner and Founder of Morgan Jones & Company. Born in Liverpool and an Accountancy graduate of the University of Wolverhampton, David spent twenty years working for the Customs & Excise in London then Shrewsbury before starting his own business. David's depth of knowledge of the UK tax system and his ability to communicate this learning has seen Morgan Jones & Company grow into Shropshire's most respected Accountancy Practice.