For those of you who have yet to submit your completed online tax self-assessment form, now is the time to log on and get typing before the deadline of 31 January (this coming Sunday) passes you by.
As Godalming-based local tax and accountancy firm Barnett Spooner make clear, under the self-assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. If a completed return is not sent to HM Revenue & Customs (HMRC) on time an automatic penalty of £100 will be imposed.
Not everyone is expected to complete a self-assessment. HMRC should have contacted you if you are required to do so which includes the self-employed or company directors – i.e. many of the business managers and owners featured on the thebestofguildford website. If you are unclear of your position call the HMRC self-assessment helpline on 0845 9000 444 or visit http://www.hmrc.gov.uk/sa/help-using-online.htm
Oh, and an additional word of warning, don’t leave it until the eleventh hour as the HMRC website can become congested and painfully slow. Do you really want to spend Sunday afternoon tied to a chugging PC…?
