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Get Your Self-Assessment Tax Return Forms Filed!

With Halloween and Bonfire Night now out of the way, we are now all looking forward to Xmas and as Xmas comes up, then so does what we call in the Accountancy and Tax Profession, the Tax Return season. No doubt you will soon start to see the Coke Cola TV advert of “Holidays Are Coming, Holidays Are Coming” – use this as a reminder to get your Tax Return in!

The filing date with HMRC for the 2015 paper-based Tax Returns was the 31st October 2015, and so any 2015 paper-based Tax Returns filed with HMRC will now attract a late filing penalty. But as the vast majority of all Tax Returns are filed on-line, the filing date for these on-line Tax Returns is 3 months later, the 31st January 2016.

Phew, you can now all break out into song by singing the words from the number 7 of the UK’s best ever selling singles of all time., “Relax” (Frankie Goes to Hollywood), or from number 35 The Beatles “I Feel Fine”. (source: The Official Charts Company) – At JCL (Jones Cooper Limited), we are anxious to complete your Self-Assessment Tax Return forms and finalise any Tax Bills as soon as possible. So please get your Tax Return information across to us as soon as possible, if you’ve not already done so.

To continue with the musical theme, if you get your Tax information across to us quickly then to use The Beatles song “We Can Work It Out”, and you certainly don’t want to be hearing from us the words from the Elvis Presley song “It’s Now Or Never”, nor hearing the Taxman deliver the words from the Adam and the Ants hit song “Stand and Deliver”!

One of the main advantages of completing and filing your Self-Assessment Tax Return forms well before the 31st January 2016 deadline is to know as far as possible in advance, the amount of any personal Tax payable on the 31st January 2016, as well as any Tax payable for the following 31st July 2016.

In addition, should anyone wish to pay any underpayment of their 14/15 Tax through their 16/17 PAYE Tax Coding Notices, and not as a lump sum payable under Self-Assessment on the 31st January 2016, then the 2015 Tax Return has to be filed with HMRC by the 30th December 2015. This only applies where the underpayment is less than £3,000.

Also, if anyone is unable to pay their Self-Assessment Tax on time on 31st January 2016, then if Time to Pay arrangements are required, these must be applied for with HMRC before the 31st January 2016. It must be said though, HMRC are not as accommodating on these Time to Pay arrangements as they have been in the past, so our advice is get your Tax affairs sorted out early!

Anyway, time for me to go now and listen to UK’s number one best ever selling single. – Do you know what it is?

Rickey
Rickey Cooper FFA, FMAAT, ATT
JCL – Jones Cooper Limited

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