The first thing you need to do when required to complete a tax return is register with HMRC.

You should do that as soon as you can.

There’s a link to the HMRC website here.

That’s the easy bit.

Now you’re registered, there are a couple of key dates you need to be aware of to make sure you don’t incur any penalties.

Fines for late payment can soon add up. They’re actually charged by the day – so it’s important to stay ahead of the game.

The good news is HMRC generally give you plenty of time after the tax year is finished to complete your return and submit it.

That said, if at any point you feel you’re struggling to complete your tax return and need support, don’t hesitate to get in touch with us here at Appleleaf Accountancy.

We can work through your tax return with you and help make sure it’s completed correctly and submitted on time.

To talk more about how we could help you complete your annual tax return, you can call us directly on 01472 287387 or get in touch via our contact form here.

figuring out when you need to file your return

When it comes to submitting your tax return…

The deadline depends on whether you’re completing a paper return or doing it online.

If you’re filing a paper return, you need to do this by the 31^st October.

It means for the tax year 6^th April 2018 to 5^th April 2019, you’ll need to submit any paper return before 31^st October 2019.

On that note, here’s a quick tip to keep in mind…

If you do miss the deadline for filing a paper return, don’t submit it late.

It might be better to look to complete an online return instead. That way you can avoid any late payment fines.

Get in touch with us if you think you might run the risk of being late on a paper return.

Of course, chances are, like most people these days – you’ll be looking to complete an online return.

With HMRC’s Making Tax Digital initiative coming into force this year, any VAT-registered business with a taxable turnover above £85,000 is actually required to submit their accounts online from 1^st April 2019.

We discuss Making Tax Digital in more detail here.

For some this might be an annoying change to your regular accounts process….

But on the upside, filing your tax return online does give you more time.

You have until 31^st January the following year.

It means for the tax year 6^th April 2018 to 5^th April 2019, you’ll need to submit any paper return before 31^st January 2020.

other important dates

Though 31^st October and 31^st January are the main dates you need to be aware of…

There a couple of other important tax dates worth noting.

First off, there’s 31^st July.

This is the deadline for what’s known as your ‘second payment’ if you’re self-employed.

The amount due for your ‘second payment’ will depend on your earnings for the previous tax year.

If you’re unsure what’s due, get in touch with us to find out more.

Otherwise, the final date you should be aware of is the 30^th December.

This date comes into effect if you’re filing your tax return online but also have a certain amount earnings taxed through PAYE.

If you submit your return online before this date, you can pay any additional tax through PAYE.

This means you can spread your tax payments over the remainder of the tax year, rather than paying a lump sum on 31^st January.

But you can only do this if your tax bill is less than £3,000.

Even when the dates are clear…

We understand completing and filing a tax return can feel like a real chain around your neck.

It’s something many individuals and business put off and off until it becomes an urgent and stressful matter.

But if doesn’t have to be that way…

Get in touch with us here at Appleleaf Accountancy and we can do all the heavy lifting for you.

We’ll help complete your return, calculate your liability and file all the appropriate documentation for you.

That way, you can get on with growing your business instead of getting lost in the books.

One final tip……. if you expect your tax liability to be less than the previous year you can make an application to HMRC to reduce the payments that you make on 31^st July and 31^st January, that way you’re not paying any more to HMRC than you have to and of course at Appleleaf Accountancy we can do this for you too, it’s all part of the service.

Give us a call on 01472 287387 or get in touch via our contact form here.