Sponsored content: File your self assessment tax return now and ease the pressure on you and your cash flow
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For small traders, high earners and buy-to-let landlords, the end of the Christmas period simply hails the countdown to another financial burden.
The deadline for completing your tax return online and paying any monies owed for the financial year ending April 2015 is Sunday, January 31, 2016.
“You can, however, file your tax return any time between April 6 and January 31,” says Keith Senior, of Jacobs Allen Chartered Accountants.
“Although paper returns must be filed by October 31, 2015.”
His number one piece of advice to clients is to complete the tax return as early as possible so you can budget and make life less stressful for yourself.
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“Filing early doesn’t affect the amount of tax you pay or when you have to pay it,” he said.
“The worst thing to do is leave it until late January, because then you have to have the funds available to pay any tax due and your accountant’s fees immediately.”
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Missing the deadline for payment and being late in making payment by more than 30 days will lead to a 5% penalty.
Mr Senior, who is a tax specialist, also encourages his clients to organise their financial record-keeping to make filing next year’s tax return less onerous.
While some people feel able to complete their own tax returns each year, others may have affairs that are more complex and require the help of a chartered accountant or tax advisor to assist them and ensure they are paying only what is owed to HM Revenue & Customs.
To speak to a chartered tax advisor at Jacobs Allen Chartered Accountants, who have offices in Bury St Edmunds and Haverhill, call 01284 704260 or visit their website