It’s easy to just forget about tax at the end of the year and leave your tax return until January. It is important to remember, however, that this will be your final opportunity to submit your return before the January 31 deadline.
To avoid an automatic £100 late payment penalty you should pay any tax you owe from the 2013-2014 tax year by this deadline. This must now be done online with the deadline for paper returns ending on 31 October 2014. Additional penalties for late payment can really add up with penalties increasing to £1,600 in some cases.
Businesses with accounts departments should have all their bases covered by now, but with the growing number of home based businesses, employees can number one or just a handful of people.
This can mean that leaving things until January adds up to a lot of extra work when there is a need to hit the ground running and earn some cash. If you find yourself overwhelmed by the prospect of getting all your paperwork in order, why not seek the help of an accountant to ease your tax worries?
If you have problems submitting your tax return online or advice on how to do it, call the HMRC online helpdesk on 0300 200 3600.