With the 31 January self-assessment deadline fast approaching, HMRC has published its top 5 most popular self-assessment questions, with answers to help customers complete their return.
– Do I need to fill in a tax return?
– How do I know how much tax I owe?
– How do I register to send my return online?
– I’ve lost my User ID and password, what do I do?
– When does my 2016/17 return need to be completed?
The ICAEW however adds a word of warning to those less familiar with personal tax in relation to the answer in question 2.
“When you fill in a tax return online, HMRC’s software does indeed automatically work out and display how much tax and Class 4 National Insurance contributions you owe. What it does not do however is show the deduction for the payments on account which you may have already paid on 31 January 2017 and 31 July 2017. So do be careful to make sure you are reading, and paying, the correct amount.”
It’s important to be aware that filing your tax return late, or failing to pay the tax you owe on time, could mean you face extra penalty fees and interest charges. It is recommended that you authorise a tax specialist such as Beavis Morgan to handle your tax affairs and deal with HMRC on your behalf. This will ensure that all deadlines are met and that you are not paying more tax than you need to.
For further information and to discuss your tax affairs in further detail, please contact your usual Beavis Morgan Partner.
Note: Please be aware that, from 13 January, HMRC no longer accepts credit card payments as new rules mean they can no longer pass on the fee their bank charges for processing a personal credit card payment. There are however other ways to pay – visit the HMRC website for further information.