With less than 3 months to go, the 2021-22 Self-Assessment tax return deadline of 31 January 2023, is starting to loom large on the horizon.
January is a very busy time for accountants, so don’t delay in getting the necessary information to your accountant so they can complete your tax return in good time and inform you of any tax liabilities before the payment deadline.
If your tax liability is higher than you expected, getting your tax return submitted sooner rather than later, gives you more time to find the funds to pay it or talk to HMRC about a payment plan.
Also, if you have left it until the last minute to get your information to your accountant, the chances are they have other clients who have done the same. You may therefore think there is plenty of time to get your tax return done but your accountant may have a different view if they have got another 20 returns to prepare in addition to yours. This gives them very little time to work with, especially if they have questions which need to be answered or there is any missing information which needs to be located.
So, help your accountant to help you, and get the necessary to them as soon as possible.
The initial penalty for a late return is £100 with further penalties once the return becomes 3 months late. There are also penalties and interest for the late payment of any tax due.