It is not a wise choice to leave your tax return filing close to the deadline.
Dealing with your self-assessment ahead of the deadline can prevent unexpected events to happen and can help you organise tax payments in advance. Specifically, if we take into account the fact that most taxpayers tend to comply with their return at the last moment could lead to mistakes and confusion.
If the deadline is missed, you will incur an instant penalty of £100, plus daily penalties of £10 (for a maximum of 90 days) if you do not file by April 30th.
So, no good news, but nothing really disturbing if you can plan everything in advance to avoid any bad consequences.
Meeting deadlines and paying the tax in time is essential to prevent future penalties, in particular when you need a support from your accountant. Complying before the Christmas period would also allow you to become aware of the amount to be paid and make more realistic decisions on any future investments & gain in both short and long-term.
Completing the self-assessment form by yourself may be complicated (For instance when dealing with foreign income and gains) and take longer than expected. In most cases, we would recommend to ask or seek advice in to have your papers and documents in order.
In case you need support and advice, do not hesitate to contact us.
