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Why file 2016-17 self assessment tax return early?

Apr 01, 2016

Why file 2016-17 self assessment tax return early? - Latest Advice from Wagner Mason

Self assessment Tax Returns needs to be filed by 31st January following the end of the Tax year (or 31st October if you want HMRC to calculate the tax payable). So for the Tax year 2015/16 ending on 5th April 2016, a self assessment tax return needs to be filed by 31st January 2017.

Here are some reasons people gave HMRC for not filing on time. They all received a £100 fine and their appeals using these excuses were unsuccessful:

  • My pet goldfish died (self-employed builder)
  • My bad back means I can’t go upstairs. That’s where my tax return is (a working taxi driver)
  • I’ve been cruising round the world in my yacht, and only picking up post when I’m on dry land (South East man)
  • Our business doesn’t really do anything (Kent financial services firm)
  • I’ve been too busy submitting my clients’ tax returns (London accountant)

For those people that like to wait until January 2017 to pull the information together why not get the information together in the next month as:

  • You will then know what tax (if any) you need to pay by 31st January
  • You may be able to get your 31st July 2nd Payment on account re 2015/16 reduced if your tax is lower than estimated when your 2014/15 Tax return was completed.