Self-Assessment Tax Returns: Meet the 31st January Deadline

12 November 2024

As we approach the New Year, it’s a crucial time for individuals and businesses across the UK to ensure that they meet their self-assessment tax obligations. For many, completing a tax return can be a complex task, and the 31st January deadline often looms large. At Evans Entwistle, we understand the challenges involved and offer comprehensive support to simplify the process. To ensure timely filing, we recommend that clients submit their documents to us by 17th January at the latest—providing a buffer to review, prepare, and file returns accurately and on time.

What Is a Self-Assessment Tax Return?

Self-assessment is the HMRC system used to collect Income Tax from individuals and businesses whose income isn’t automatically taxed. The self-assessment tax return is a document you fill out to declare your income and gains for the tax year (from 6th April to 5th April the following year), claiming any tax allowances or reliefs that may apply.

You’ll need to complete a self-assessment if you fall into one or more of the following categories:

• You’re self-employed, a sole trader, or a partner in a business
• You’re a company director
• You receive income from renting out property
• You have investment income or capital gains above certain thresholds
• You earn over £100,000 per year

Key Deadlines for Self-Assessment Tax Returns

There are a few key dates to bear in mind to avoid any last-minute rush or unexpected penalties:

• 31st October 2023: Paper tax return deadline
• 31st January 2024: Online tax return deadline and deadline for payment of any tax owed

If you miss the deadline, HMRC may impose late filing penalties and interest on any outstanding tax, which can increase quickly. Filing on time helps you avoid unnecessary costs and potential compliance risks.

Why Is 17th January So Important?

We set a 17th January deadline for clients to submit documents to Evans Entwistle to ensure we have enough time to thoroughly review your financial information, clarify any questions, and accurately prepare your tax return. This window also allows us to address any outstanding issues and gives you peace of mind that your return will be filed by the deadline.

The Process of Self-Assessment with Evans Entwistle

Working with Evans Entwistle takes the stress out of tax season. Here’s how we streamline the process:

Initial Consultation: We meet with you to discuss your income streams, allowable expenses, and any special circumstances that may apply.

Document Submission: To meet our 17th January deadline, we’ll need key financial documents such as:

• Income statements (such as P60s or P45s)
• Invoices or sales records if you’re self-employed
• Expense receipts and business-related expenses
• Bank statements

Preparation and Review: We compile your return based on the documentation provided and identify any allowances, deductions, or reliefs that may reduce your tax liability.

Approval and Filing: Once the return is complete, we send it to you for final approval before submitting it directly to HMRC on your behalf.

Common Self-Assessment Mistakes (and How We Can Help Avoid Them)

Filing a self-assessment tax return without the right guidance can lead to errors, which can delay your submission and increase the risk of penalties. Common pitfalls include:

Failing to Declare All Income: We help ensure that all income sources are accounted for, from salaried earnings to investment gains.
Misclassifying Allowable Expenses: Our team will clarify which expenses are allowable, minimizing errors and maximizing your tax relief.
Omitting Important Information: Leaving out crucial details can trigger HMRC reviews. We cross-check your information for accuracy to prevent such issues.

Benefits of Timely Filing with Evans Entwistle

Here are some key reasons why working with our accountancy practice for self-assessment is a wise investment:

• Stress-Free Tax Season: Our team manages every step, giving you peace of mind and more time to focus on your business or personal goals.
• Maximizing Tax Efficiency: With our expertise, we help identify legitimate tax-saving opportunities, ensuring you don’t pay more than necessary.
• Reduced Penalties and Interest Risks: Filing on time avoids unnecessary penalties and keeps your finances in compliance with HMRC.

What If You Miss the Deadline?

If you’re concerned about missing the deadline, please reach out as soon as possible. In some cases, we can arrange payment plans or help with any penalty relief requests, but it’s essential to act quickly.

Contact Evans Entwistle Today

The countdown to the 31st January deadline is on, and we encourage all clients to submit their documents to us by 17th January to ensure a smooth and efficient process. Contact Evans Entwistle today to get started with your self-assessment tax return, and let us take the hassle out of tax season for you.

For more information or to schedule an appointment, please visit our website or call our offices in Cardiff, Newport or Bristol. We’re here to make self-assessment simple, straightforward, and stress-free.