Whoever came up with the punchline “tax doesn’t have to be taxing” should probably be shot because frankly, tax IS taxing.
Nevertheless, have you filed your self-assessment online? Time is rapidly running out, as you must file your 2011-12 tax return online before 31st January 2013.
If you send it after this date, you’ll receive a hefty £100 penalty – even if you have no tax to pay! And not surprisingly, when you leave things until the last minute, you are more likely to make silly mistakes. Here are five common ones.
If you’ve not got round to filing your assessment yet, get cracking!
- Register Online: If you’re completing an online return for the first time, you’ll first need to register for online filing at www.hmrc.gov.uk/online. You’ll immediately get a User ID, but your Activation Code will be posted to you. It can take up to seven days to receive your Activation code, so don’t leave it too late! Once you’ve received your activation code, you will be able to complete your tax online.
- Paying your Tax: When you complete your return, your tax will be calculated there and then. The deadline for paying any tax you owe is also 31st January, so don’t forget to pay online by this date.
More details on HM Revenue & Customs website at www.hmrc.gov.uk/sa or you can call the Self Assessment helpline on 0845 9000 444.
PCG, the Freelancers’ Association has prepared an excellent guide (courtesy of Emily Coltman, ACA, Chief Accountant of FreeAgent) on all the stages you need to go through when completing your self-assessment – including if you are registered as a Limited Company. Full details here
Want to find ways of saving on your tax bill? See our article “30 ways to reduce your tax bill”, by Certax Accounting