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Self Assessment: What You Need to Know

By December 11, 2019 December 13th, 2019 No Comments

The Self Assessment deadline day is fast approaching on 31st January 2020.

We know organising and filing your return can be a real headache, especially if you’ve left it until the last minute. Our personal tax specialists handle and prepare the whole process for our clients, so there is no need to worry.

While you might feel you have plenty of time to organise your Self Assessment, there are huge benefits to completing your tax return at the earliest opportunity. There is an automatic £100 fine for failure to submit your Self Assessment by the deadline, and any errors or late filings incur more significant penalties over time.

This time of year can be stressful enough. If you are required to complete a self-assessment tax return you may need help and guidance. At GWCox, our Self Assessment services remove all the hassle and headaches of filing your tax return.

  • Prepare and submit your Self Assessment and let you know how much you need to pay to HMRC. 
  • Advise you when payments are due and make sure you never file a payment late again. 
  • Introduce you to any relevant tax savings ideas to offset the overall tax bill. 
  • Help you understand the most efficient record-keeping systems to stay organised throughout the tax year. 
  • In the event of you being selected for investigation by HMRC, our expert accountants will represent and support you through the process.

Last year, HMRC revealed 735,258 returns were submitted on the deadline day itself, 31st January with 60,000 filed in the last working hour of the day. We encourage our clients to take a proactive approach to their tax returns and not leave submission until the last minute. Many people are unaware that tax returns can be settled much earlier than the January deadline and, once the tax year ends in April you can file your return and worries away until the next year.

GW Cox & Co offer a full range of personal tax services. To discuss how we can help you and your business, contact us today.

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