Most people and businesses try their best to get their tax returns and self-assessment filings completed as soon as possible after 6th April in order to give themselves the least hassle when paying off these taxes, but sometimes the best laid plans go awry.
As a result, of this, it is not entirely uncommon for some people to delay filing or finishing filing their taxes with HMRC until close to the deadline. On 31st January 2022, over 700,000 people submitted their tax returns on deadline day, with over 25,000 completing these returns literally at the 11th hour.
No tax accountant would recommend waiting so long as professionals but we do understand as people that issues can get in the way and priorities can shift. Before you know it, it is close to December and there is so little of the year left to work with.
If you are in the unfortunate situation of having to file taxes late, here are some top tips to ensure you are covered.
Collate Your Information First
The primarily factor that delays people who are filing their taxes is having to hunt around for different pieces of paperwork, so try to keep your folders and digital files with you as you fill out your self-assessment form.
Make sure you have all your sources of income to hand to declare
You will also need your Unique Taxpayer Reference, National Insurance Number, employment information, pension contributions, interest on savings and as much information on allowable expenses as you have to hand.
Remember To Pay
Ultimately, whilst the 31st January is a filing deadline, it is also a payment deadline as well, so try to avoid filing on the very last day as you are almost certainly going to have to wait a few days for HMRC to determine how much tax you owe.
Use Flat Rate Calculations If Necessary
If you are self-employed and work from home you can claim some of these expenses back. However, if you do not have the time to make accurate calculations of your business and personal use, you can use a simplified expenses calculator to avoid the complications.