Start planning for the New Year Personal Tax deadline

Personal tax returns need to be submitted to HMRC before 31st January. As of today, that leaves just 61 working days to get the return finalised. This year, there is an earlier deadline which may be relevant to you. HMRC have announced from 13 January 2018 (i.e. only 49 days away), they will no longer accept credit cards as a means of payment of tax liabilities. HMRC have also announced that you won’t be able to pay your tax liability at the Post Office from 15 December 2017. That deadline is only 31 working days away.

Time is ticking ….

There are other advantages to completing your return in good time. For example;

  • If you need to secure finance to pay your income tax liability, the quicker your return is finalised, the easier it will be to raise finance.
  • If you leave your Self-Assessment until just before the January 31st deadline, then you run the risk of receiving an unexpectedly high tax bill, with not enough savings put aside to comfortably pay it.
  • No longer will you spend the next few weeks dreading digging out those old documents, as it will be already done and dusted. Along with the feeling of sweet relief, you will now have freedom to fully focus on what’s important – your family and your business.
  • Do you want to fret over taxes during Christmas? Or would you prefer to relax and enjoy the festive period, feeling smug that you’ve completed your return whilst many others haven’t.
  • If you are due a tax repayment, submitting your return early will result in receiving the repayment quicker.

Provided we receive all your accounting and tax information for the year to 5th April 2017 by close of business on 30 November we will guarantee to send your return for your approval in good time to meet the 31 January deadline and avoid any late filing penalties.

If you require any help with your 2017 personal tax return then contact us today on either 0161 832 4451 or via email Avoid those late filling penalties.

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