Panic!

Now is the time of year when all accountants get frantic calls/emails, from people who haven’t even looked at their self assessment; let alone completed it.

If you find yourself in this position, the worst thing that you could do is put off getting help any longer.

HMRC state in their own words: “You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll also be charged interest on late payments”.

It’s scary, sitting down and realising that you’re going to be fined. However, the longer you leave it, the worse it will be. So, chin up, head down and call in an expert – you wouldn’t carry out dental work on your own (or maybe you would, if you’re in to that sort of thing...)

Asking for help means making sense of all the information you have collected throughout the year and knowing how much (if any) tax you’ll have to pay.

A good accountant should also help you figure out the best way to run the accounting side of your business, going forward. So that next year you’re totally prepared and won’t receive any fines – the money is better off in your pocket!

We hate to sound like HMRC, but ‘tax doesn’t have to be taxing’. Preparation is the key to success. Let us help you be more successful!

*source: https://www.gov.uk/self-assessment-tax-returns/penalties