New Year brings inspiring new plans for many businesses, fresh ideas and excitement of what lays ahead. But one thing is certain, before you can move ahead with your new projects and look forward to a prosperous New Year, you must wrap up the previous financial year.
Filing your self-assessment and paying the bill is of course not something anyone looks forward to with anticipation, especially after a long festive break. If you found yourself in a tricky financial situation at the beginning of the year, the idea of it can also be quite stressful, but it really needn’t be.
The deadline for submitting your tax return and making a payment for the 2017-18 period (as well as on account payment for 2018 -19 if applicable) is before midnight Thursday, 31st January 2019.
HMRC will apply a fixed penalty of £100 on any returns late up to 3 months and greater charges the longer you take. Whether you can or cannot afford to pay, it’s important you allow yourself enough time to file your return.
If you already know you may struggle to pay, you should get in touch with HMRC to try and set up a payment plan. To set up a payment plan, you need a Government Gateway user ID and password. If you do not have a user ID, you can create one when you set up a payment plan.
Here’s the contact details:
Business Payment Support Service
Telephone: 0300 200 3835
Their lines are open Monday to Friday, 8am to 8pm; Saturday and Sunday, 8am to 4pm.
As your local accountancy firm, we take great pride in providing a personal service to all of our clients. A good accountant can not only save your business money, but also give guidance and take away some of the pressure and stress of number crunching and deciphering the jargon. We are here to help, just call: 01752 895648