Written by Director, Huw Moseley:
Truthfully, it’s a little baffling to us here at Link Accounting that people still choose to file paper Self-Assessment Tax Returns – but 1.14 million people did so in October last year. That’s 11% of all people who filed a return.
There are so many advantages of submitting SATRs online – including a much longer deadline – that we strongly advise this approach. Online filing means:
- Tax is calculated automatically when you fill in the return.
- The system pre-fills elements of the form with information it has on file for you (address/NI number etc) and removes irrelevant sections – so it’s far less complicated and time-consuming.
- If you get distracted – you can save the sections you have filled in and complete the form at a later date simply by signing in.
- You get an instant confirmation message and reference number for peace of mind that it has been submitted successfully by the deadline.
- If HMRC ever owes you money – you get a faster repayment!
It’s also worth noting that if you file online and submit your tax return by 30 December, providing the tax you owe is less than £2,000 you can opt for this to be collected through PAYE.
However, if you’re still thinking of submitting a paper SATR, the filing deadline is 31st October. All we would say is that if you’re in any doubt you might not make the deadline, do not send it off late. You’re likely to be charged a financial penalty. Instead, apply for your Unique Taxpayer Reference number because you still have until 31st January 2019 to file your return online.
If you need any help with calculating tax or filing returns – drop us a line and we’ll be very happy to assist.
Here at Link Accounting we specialise in ensuring our clients pay the least amount of tax legally possible. So if you’d like proactive, timely and targeted advice on how to improve your personal finances – give us a call to discuss our Personal Tax service in a bit more detail: 01295 720500