January is a stressful time amongst most self-employed people. Not only are you concerned about a post-Christmas lull but the 31st January brings the self-assessment deadline. Business can be stressful so, where possible, it’s a good idea to save yourself some hassle. Let Commercial Domestic Investigations help you to save yourself from unnecessary stress and make sure you’re prepared for the deadline.
31st January is the deadline, but that doesn’t mean you need to start filling out your self-assessment form on the 30th. Begin to complete your form as early as possible; this means that you will give yourself plenty of time to complete the self-assessment accurately.
When filling out your return, it’s best to have all of the relevant paperwork close by. You’ll need accounts for the 2016/2017 tax year, a P45 or P60 if you have recently left a job and details of any savings or investments that you may have. The HMRC website can give you some further information on all of the documents you need.
HMRC are on hand to assist with any queries that you may have, although it is a busy time of year and so you may be on hold for longer than you want to be. Fortunately, their website has a whole host of information to answer your questions. Alternatively, you can employ the services of an accountant to assist you with the completion of your tax return. An accountant should have extensive knowledge of the tax system so you can be confident that a return will be completed correctly.
There are very few things that are certain in business, but taxes are a definite. The deadline for self-assessment returns is the same every year. Be prepared as possible and make sure that you get your return in before the deadline. Otherwise, you face the possibility of a fine.