If you are self-employed the self assessment deadline for 2014 is fast approaching.
If you run your own business, it can be very difficult finding the time to complete your accounts on time and filing the documentation to HMRC. For the year ending 5th April 2013, the deadline date is 31st January 2014. Even if you have filed your return donât forget to make the payment as well, this may also include any payment on account that is due.
All paper returns needed to be sent by 31st October 2013.
If you are new to completing a self-assessment tax return you will need to register online with HMRC first, this will need to be done by 21st January, to leave enough time for HMRC to send you an Activation Code.
If you are late filing your return or making payment, you will automatically receive a fixed fine of Â£100, even if it is just one day overdue. If you leave your return even longer the fines can rise. 3 months overdue you will be charged the fixed fee plus Â£10 per day for up to 90 days. There are even further fines if you are later than 6 months.
Struggling to complete the paperwork
If you are struggling to complete your accounts or the information required for your self assessment deadline return speak to your bookkeeper or accountant and ask them for help, but remember they are also very busy at this time, so do not leave it too late.