close menu

Why you should submit your Self Assessment tax return NOW

by Kobus Van den Bergh | Dec 17, 2014
  • Haven’t submitted your Self Assessment tax return yet? Here’s why you should do it now before it’s too late.
  • Accounting

    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.

    Visit 1st Contact Accounting to check whether or not you need submit a Self Assessment tax return. If you have submitted your return, you could be due a tax refund. Start the process now and get your hands on your money as soon as possible.

    • man-working-at-home
      Get the most out of being a contractor in the UK by following these simple steps
      Mar 15, 2018  |  by 1st Contact
    • tax-hand-magnifying-glass
      Reap the benefits of submitting your Self Assessment tax return early
      Mar 02, 2018  |  by Kobus Van den Bergh
    • students-graduating
      UK student visas: Here's how you can get one
      Feb 22, 2018  |  by John Dunn
    • students-school-chalk-board
      Get your child into state-funded school in the UK
      Feb 21, 2018  |  by Leanne Shrosbree
    • medical-cross-and-heart
      The NHS vs Medicare: Which is better?
      Jan 30, 2018  |  by 1st Contact
    • big-ben-london-at-night
      What is the cost of living in London in 2018?
      Jan 25, 2018  |  by 1st Contact
    • house-key
      To rent in the UK, you absolutely need to have the right to rent
      Jan 19, 2018  |  by Leanne Shrosbree
    • man-making-more-money
      This is how contractors can take home more cash
      Jan 09, 2018  |  by Kobus Van den Bergh
    • airport-waiting-takeoff-plane
      5 pro tips for surviving your long-haul flight
      Dec 19, 2017  |  by Kobus Van den Bergh
    • young-friends-drinking-beer-at-pub
      10 interesting facts about the UK working holiday visa
      Nov 27, 2017  |  by John Dunn
     
     

    Do you like cookies? We do, read why.