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14.01.2016 | written by Cutter & Co

January Tax Deadline

The New Year is usually associated with resolutions and promises that we can’t seem to keep. But you might be a little surprised to learn that it is also a time when many of us decided to submit our tax returns online. According to HMRC, on 31st December over 24,500 people did exactly this, an increase of 2.8% from the previous year.

Taxing times

On New Year’s Day itself, another 11,467 people followed suit and on Christmas Day, that figure was more than 2,000. This is probably down to the fact that penalties for late tax returns will kick in from 31st January and that is when things can start to get rather messy. Although many people seem to leave it to the last minute every year, it is not a practice that is recommended by Cutter & Co or HMRC.

Tips that work

If you are guilty of always leaving your personal tax returns to the last minute, why not try a few of the following tips and see if you can get yours completed sooner rather than later next year?

• Register Online

• Always have your paperwork handy

• No need to complete the process in one session

• Submit early and avoid the £100 penalty

• Always save a copy before submitting your return

David Cutter’s personal taxation services

If you feel as if you would benefit from expert and friendly advice with regards your personal tax return, please do not hesitate to come and speak to us at Cutter & Co Chartered Accountants. Our team of experts will help you to file your returns in a timely fashion and we can help you to plan for the future. We have a member of the Chartered Institute of Tax amongst our staff and because of this you will always be receiving the very best tax advice. So please speak to us at David Cutter if you want to ensure that you are paying the correct amount of tax for the forthcoming year.

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Directors:  Paul Cutter FCA | Kate Jones FCCA, ACA | Dave Hazlehurst FCCA, CTA

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