Beat the Christmas rush – sort out your returns early

No sooner is Bonfire night over and it seems everyone’s thoughts turn to Christmas.The supermarkets are stocked with festive items and the yuletide TV adverts are making an appearance on our screens.

Although the month of November is a quiet one for key dates, in terms of NIC, PAYE and Self-Assessment, you can be sure that in December the days will fly by.

With the Christmas and New Year holidays taking a chunk out of the working month, now is the time to think about preparing your self-assessment online tax return.

If you owe less than £3,000, for the tax year ended 5th April, HMRC will collect tax through your PAYE code. The deadline for submitting your online self-assessment is midnight on December 30th so our advice is to plan ahead and ensure we receive everything from you in plenty of time so that penalties can be avoided.

For all other online returns, including balancing payments, you have an additional month to file online by 31 January 2017.

For help and advice from Moore Thompson regarding tax and self-assessment, please contact us.