The pressure’s on for everyone under self-assessment with the tax return filing and payment deadline at the end of this month.
What does this mean for you?
- Your tax return must be filed by October 31st
- Any balance of tax due for 2015 must be paid by October 31st
- Preliminary tax for 2016 must be paid by October 31st
File your return
If you’ve not already prepared and submitted your tax return you need to get this organised straight away. Filing a tax return late will lead to a late submission surcharge, and the amount increases the later it is.
The workload for accountants and tax professionals is heaviest at this time of year and they’ll generally prioritise work on a first in, first out basis. So the quicker you can get your information to an accountant the better for you.
Pay the tax
If you filed your return some time ago, make sure you know how much tax you are due to pay. And that you know how to go about paying it.
Allow for the timing of the banking system so that your payment arrives on time. There’s no harm in paying so that it arrives a few days early.
Then when you’ve got all that sorted, relax and take a well-earned break!
If you need any help in getting that relaxing stage sooner, just give us a call on 021 431 0266.