The Business Bulletin
The advantages of having your tax return filed early According to HMRC, there were around 700,000 taxpayers racing to hit the deadline of 31st January having left their tax return submission to the last day – with 26,500 people submitting their return in the final hour between 11pm and midnight.
But after many months of upheaval
all expenses that you are entitled to
and, for many, lost earnings, it’s more
and reduce your tax liability.
important than ever to make sure your tax affairs are in order in plenty of time. to pay any avoidable fines for being
There is less chance of you making a mistake
late. While the new tax year may have
While it’s important to make sure
only just begun, did you know you can
both your tax return and tax bill are
file your self-assessment tax return
submitted and paid on time, note
any time after 6th April 2021? I look at
that HMRC can also impose fines
some of the benefits of having your
if it thinks you’ve made careless
annual tax return for the 2020/21 tax
or purposely misleading mistakes.
year filed today.
Careless mistakes are much easier to
This will help guard against having
make if you’re in a rush – which you
You will have more time to pull your information together
likely will be if you leave it until the final deadline day to start thinking about getting all of your paperwork together to file your tax return.
Rather than rushing around at the end
The penalties are based on the
to find receipts, you can take your time
amount of tax you owe and depend
now to pull together your financial
on the kind of mistake HMRC deems
information and ensure that you claim
you to have made.
Paul Simpson Tax Assist Market Harborough Paul has spent his entire working life in financial services, first in banking, then as an independent financial adviser and estate planner. Now he is running his own TaxAssist Accountants business in Market Harborough. Paul uses all of his years of experience in running his own businesses and his extensive tax knowledge to help small businesses and personal tax clients pay the right amount of tax and remain compliant. 01858 383159 paulsimpson@taxassist.co.uk taxassist.co.uk/market-harborough
Issue 9 – Finance | 17
