It is just 3 weeks to go until the Self Assessment deadline so if you haven’t already got your tax return sorted, now is the time. Under current tax rules, if you run your own business and are registered self-employed you may need to submit a tax return online, along with other people who are required to file returns such as those whose annual income is over £100,000 per year, who have Capital Gains Tax to pay, who live abroad or who are trustees. The deadline for filing online is Tuesday 31st January and there are fines to pay for every single day that you file late – however good your excuse is!
For some of you this might be an easy task. Your accountants may already have everything in hand, you may have already set the money aside to pay the tax owed and you are simply waiting to press the ‘go’ button. For others this might be the first time you have had to do it – or the annual panic. (more…)