The 2017 tax return year ended on 5th April 2017 – by now, nearly 6 months has passed since the end of the year so all the information to complete the tax return should be available.
31st October 2017 marks the first tax return deadline for the 2017 returns – although this date was for paper tax returns it is a good date to use as your own final deadline:
1) Tax may be able to be collected through your tax code in a later year – BUT only if the tax return has been processed by HMRC before the December cut-off.
2) The statements of account are usually printed in November for delivery in December, so will be inaccurate if the tax return has not been processed before the printing date.
3) You will not know what your tax liability for 2017, payable by 31st January 2018, is – with many people forgetting about payments on account and national insurance when they start-up this could come as a nasty surprise. You would want the longest possible notice, so that you have time to raise the funds should these not already be saved.
If you need any assistance with 2017, please do get in touch – there is no charge for an initial short consultation or meeting.