Happy New Year from all at The Accounts Place.
Traditionally the New Year is a time to make a resolution for change. However recent research shows that only 8% of people achieve their New Year goals and staggeringly most people report failing their resolution by as early as January 12th.
If you are one of the 5,552,000 taxpayers who have not yet completed their 2017 -18 tax return then one resolution you cannot afford to fail will be to complete your return by the 31st January deadline. Penalties for late tax returns include an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax is paid on time, plus other charges that may potentially be incurred. People who need to complete a tax return include self-employed sole traders and people earning more than £2,500 from renting out property.
The 31st January is also the deadline for paying any owed tax or National Insurance so anyone who has already submitted their return but not yet paid what is due also needs to take action before the end of the month.