After allowing for the upcoming holiday period, there are only a few weeks left before the deadline.
In order to avoid needless fines and penalties from HMRC it is important to complete the tax return in advance of the deadline – there is still time to do this if you act now.
As well as the tax return submission deadline, 31st January 2014 is also the deadline for paying tax:
1) Any balancing payment for the year to 5th April 2013, plus
2) The first payment on account for 2014, if due.
In order to calculate what these will be, it is necessary to complete the tax return.
Penalties for late tax returns relate to the actual return itself, so would be due even if it turns out that a tax refund has arisen.
In several cases where people have incurred fines for late returns, these exceeded the cost of getting professional advice had they done so – fines and penalties can be a needless expense.
Please do contact me – I offer a no-charge initial meeting where we can discuss the opportunities.
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