7 November 2017

Don’t put off until tomorrow what you can do today!

The deadline for filing your 2016/17 tax return is 31 January 2018. Don't leave it until the last minute - act today and avoid any penalties!

With the tax return deadline looming, we’d like to take this opportunity to remind you to get your tax return to HMRC sooner rather than later. Remember, the taxation of dividends and interest changed on 6 April 2016, which means that any corresponding change to your income tax liability, payable on 31 January 2018, will be reflected in your 2016/17 tax return.

Filing your tax return late will result in an automatic penalty of £100, even if there is no outstanding tax liability at 31 January 2018, with further penalties applying the longer the submission is delayed.

HMRC also require cleared funds in respect of any tax payments by 31 January 2018. If tax is paid late, interest and penalties may apply.

Remember, no credit cards!

As recently advised by HMRC, credit card payments will no longer be accepted from 13 January 2018. This change has come about as a result of new legislation which prevents HMRC passing on charges for using a credit card to taxpayers.

If you need any help in the run-up to this all-important deadline and you would like to discuss your tax return, please get in touch.

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