Don’t forget about the tax return deadline day of January 31

With the end of the year rapidly nearing, this is the time for contractors to start thinking about having their taxes in order ready for the approaching deadline day from HMRC.
The deadline for returning your online tax return is midnight on January 31 and if you forget this date you will be expected to pay a penalty to the HMRC even though you don’t owe any cash or have already paid back anything you may owe.
If your return is just one day late, you will automatically have to pay a £100 fixed penalty and there is a scale of additional penalties dependent on how late the tax return is. If it’s approximately three months late, you’ll need to pay £10 per day up to a maximum of £900 and there are further fines to repay if it is any later than this.
In addition to the deadline day of January 31, there’s an earlier deadline of December 30 if you would like any tax you owe collected via your tax code, that can be done in the event you owe a lot less than £3,000, so if you’ve not yet begun to think about finishing the form this is the time to.
Completing a tax return can be time consuming and lots of contractors find that they simply do not have the time to complete the forms. A great way of dealing with your taxes is always to hire the accountancy services of specialist contractor accountants like Nixon Williams who will prepare your tax return for you on your behalf so you can be sure that things are fully completed well in time of the deadline.
As an accounting company which specialise in providing services to contractors, you can be sure of an efficient service when you use Nixon Williams for all your accountancy requirements. The knowledgeable team have experience of working with contractors in a number of industries and sectors, so you can be certain that your finances will be dealt with effectively.