This year is certainly flying by for us at Loftus Stowe! It is now June 2015, lots of lucky people are currently looking forward to their summer holiday, and parents are facing the dreaded six weeks holidays which is rapidly approaching.
It is to no surprise that most people are not contemplating the need to get their 2014/15 self-assessment tax return completed yet!
However, there are numerous benefits to sending in your 2014/15 tax return information to us, as early as possible, to be prepared. These benefits include:
- If you wait until last minute, you will be joining the many others that have done the same. This means that we have a pile of returns to get through. The later we receive the information the further back you will be in the queue.
- If you are due a refund, the earlier you submit your tax return, the earlier it will be repaid to you.
- If you have a large tax bill, the earlier you know the amount, the earlier you can begin to manage your cash flow.
- Late filing penalties begin with an automatic £100 charge if your tax return is filed late with additional charges being levied if the tax return is still overdue after 3 months. This applies even if you have no tax to pay.
Key deadlines for the 2014/15 tax return season are as follows:
- 31 July 2015 – if you want to make a claim for a reduction to your second payment on account for 2014/15 as your income is lower than expected.
- 30 December 2015– if you want your tax liability (of less than £3,000) to be collected through your PAYE tax code.
- 31 January 2016 – the final filing and payment deadline for the 2014/15 tax year.
Whether you are an existing client or are new to Loftus Stowe, please feel free to contact us for assistance with your tax affairs.