Haven’t submitted your Self Assessment tax return yet? Here’s why you should do it now before it’s too late.
If you missed the 31 October deadline for submitting your paper tax return, don’t worry – you have until 31 January 2015 to submit online in order to avoid paying the automatic £100 penalty imposed by HMRC.
31 January may seem a long while away, but our advice is to do it now, before the year ends, since January is typically the worst month for tackling admin and tax issues.
For starters, it’s a long wait from payday in December to payday in January, so stress levels are high and bank balances low. It’s also the shortest work month, yet you’ll no doubt be expected to hit the ground running as soon as you get back to work. This makes the beginning of the year an already-stressful time – the chances of you finding the time or motivation to do your tax return are already considerably low.
Wrapping up your tax return before the year ends means you can also go on holiday and relax without tax issues and possible fines hanging over your head.
Should you miss the end-of-January deadline, you’ll be subjected to an immediate £100 penalty (even if it’s just a minute late), followed by further (larger) penalties down the line.