It's Almost Self-Assessment Deadline Day: Essential Tips and Guidance for Last-Minute Filers

We would be remiss as accountants if we didn’t burst the new year bubble to tell you…

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The looming self-assessment tax return deadline of 31 January is fast approaching. If you still need to complete and file, don’t panic. Make a note in your diary to start the process in as early as October next year, but for this year, much can still be done to file accurately and minimise issues.

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This article provides last-minute guidance to help you meet the impending deadline or take the right steps if submitting late seems inevitable.

Get Organised Straight Away

If you’re daunted by self-assessments, know that the process is easier than most people think, and that it’s all about getting your paperwork in order.

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·????? There are multiple sources of taxable income, which commonly include: employment, self-employment, rent, interest on savings, pension payments and dividend payments.

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·????? Compile bank statements, invoices, receipts, mileage logs, dividend and interest statements covering the whole tax year - 6 April to 5 April.

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·????? Use folders, multi-tab spreadsheets or bookkeeping apps to neatly categorise income and expenses under types like salaries, rental profit, dividends, allowable expenses etc. This smooths entering figures considerably.

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·????? Recall throughout the year any big income or expenses events (e.g. car or equipment purchase) and make sure that they are factored in to your expectations. Again, for the 31 January 2024 deadline, we’re talking about the period between 6 April 2022 to 5 April 2023.

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Allocate Plenty of Time

Plenty of time doesn’t mean weeks – it just means a concentrated couple of hours! However, rushing risks mistakes and omissions.

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·????? Set aside some time and collate all information regarding your income and (if relevant) expenses. Make sure you include elements that could impact your tax return, such as student loan repayments and any benefits that you are claiming (e.g. child tax credits).

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·????? Set aside a second session to sense-check the information collated before submission to prevent a last-minute adrenaline-fuelled dash. Less stress, better output.?

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·????? HMRC's online filing systems get extremely busy on 31 January itself, so expect delays or transient technical glitches. Building in a time buffer is wise. Attempting submission while the midnight deadline fast approaches could be nail-biting.

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Leverage Accountants If You’re Unsure

If your financial life involves lots of income sources, assets, reliefs and deductions, enlist the help of an accountant, especially if it’s your first time, as:

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·????? You may end up paying a smaller tax bill, as accountants will be familiar with the tax system and ensure you receive every allowable expense and available tax reduction. Their services often effectively pay for themselves this way.

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·????? If cash flow is a barrier, some accountants can arrange payment plans or options to deduct fees directly from refunds. Discuss budgets transparently when first engaging their services.

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·????? To give you peace of mind that your self-assessment has been done correctly!

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Need Extra Time? Request Extension Now to Avoid Penalties

If your return completion looks unlikely by 31 January, promptly contact HMRC asking for a filing extension to minimise penalties.

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·????? Explain in detail why you expect to miss the deadline when asking for additional time. Commonly accepted reasons include bereavements, illness, emergencies, lost records due to fires/floods etc.?

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·????? While never guaranteed, prompt and candid communication aids extension success greatly. Late filing without strong mitigation increases scrutiny risk and penalties.

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We hope these comprehensive tips help smooth and de-stress completing your return amid the looming deadline. Our team of accountants at Apex are always happy to help.