Last-Minute Tips to Meet the Self-Assessment Tax Filing Deadline

The self-assessment tax filing deadline is just around the corner, and if you haven’t submitted yours yet, don’t panic. There’s still time to get everything in order and avoid late filing penalties – but you’ll need to act quickly.

Luckily for you, our team at The Numbers Quarter have put together a step-by-step guide to help you meet the deadline with as little stress as possible.

1. Gather Your Documents

The first step to completing your tax return is making sure you have all the necessary information at hand. These key documents include:

• Your Unique Taxpayer Reference (UTR) number and login credentials for the HMRC portal.
• Income records, such as payslips, invoices, or bank statements.
• Records of allowable expenses (e.g. office costs, travel, and professional fees).
• Details of any other income, such as rental income or investments.

2. Double-Check Allowable Expenses

You can significantly reduce your tax bill by claiming all allowable expenses. Common expenses might include:

• Office supplies and equipment.
• Travel costs related to your business.
• Training courses or professional subscriptions.

3. File Online with HMRC

If you’re filing your tax return online, log into your HMRC account and follow the instructions for submitting your Self-Assessment. HMRC’s system is straightforward, but make sure you’re prepared to spend time double-checking the figures before you submit.

Top Tip: File during off-peak hours (early morning or late evening) to avoid delays caused by heavy traffic on the HMRC website!

4. Know What to Do If You Can’t Pay Your Tax Bill

If you’re worried about paying your tax bill in full, don’t ignore it. HMRC offers a “Time to Pay” arrangement, which allows you to spread the cost over several months. It’s important to note that you should contact HMRC as soon as possible to discuss your options.

5. Avoid Common Mistakes

Rushing to meet the self-assessment tax filing deadline increases the likelihood of making mistakes. Here are the key areas to double-check:

• Inputting your income correctly.
• Claiming expenses you’re entitled to.
• Including all sources of income.

Even small mistakes can lead to penalties or delays in processing your return, so be sure to give yourself enough time to check and correct.

6. Submit Before the Deadline

The deadline for online submissions is midnight on 31 January 2025. Missing it will result in an automatic £100 late penalty charge, even if you owe no tax. Did you know? Unfortunately, additional penalties and interest can accumulate the longer you delay.

Final Thoughts

Meeting the self-assessment tax filing deadline is definitely not the most exciting task, but completing it on time will save you from unnecessary stress and financial penalties. Make this year the last one for last minute rushing to meet the deadline by reaching out to our team of local accountants in Bedford for help ahead of time and save yourself the stress. We can offer advice and assistance with your self assessment and guide you along the way.

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