We have now passed the 5th October deadline to register for a 2018/19 tax return with HMRC.
However, for those already registered with HMRC and issued with a notice to complete a tax return form, we are also rapidly approaching the 31st October 2019 tax return submission deadline.
While the October deadline is intended for those submitting a paper tax return, it is actually a very good deadline for everyone to adopt.
By now, 6 months have passed since the end of the 2018/19 tax year. All information to prepare the tax return to 5th April 2019 should therefore be available.
After the October deadline, HMRC will commence on the process of preparing the statements of account to issue. The statements will show the payment(s) due in January 2020 (and July 2020.)
Leaving the return preparation much longer reduces the time between calculating the tax due and having to pay for it.
Whilst there should be savings set aside to cover the tax due, which relates to last year’s income, sometimes these can be overlooked or insufficient.
To avoid any nasty surprises, it is therefore recommended to adopt the 31st October paper tax return submission deadline even if you are submitting electronically.
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