James Luxton is divisional manager of Oriel Accounts. Here he answers some key questions about the imminent tax return deadline…

My tax return is due at the end of October. It’s late, what should I do?

There’s no need to panic!  Although the paper copy deadline is 31 October, if you decide to file online (which HMRC prefers) you have until 31 January.  Either way, you’ll need to include details of all your sources of income from April to March (inclusive).  This will usually include P60’s from your employment(s) and details of dividend income and interest on bank accounts.  In addition, you will need details of any pension payment made and details from your P11D if you received any benefits from your job, such as a company car or private health care.

What are the penalties?

Should you miss your deadline the fine is £100.

Is there any incentive to file online?

There is no financial incentive, but you do get longer to file and given the limited time left to file you could save yourself the fine of £100.  By filing online you will receive an indication of the tax you owe or are owed by HMRC straight away, and if you are lucky enough to be due a refund this should be received more quickly than via the postal route.

How can I be prepared for next year?

Throughout the year, as you receive any paperwork detailing your income simply file it away somewhere safe.  If you are concerned about the amount of tax you pay or just need it explained, it is a good idea to seek some professional advice over basic tax planning.  By taking good advice, you could find ways to become more tax efficient with your money.

Who can help me?

Accountants, such as Oriel, can help with tax advice and with completion of your tax return.  Assistance can also be given with on-line filing if this is the first time that you’ve encountered it.  For straightforward returns costs are usually less than £100.  To find out more about how Oriel can help, please contact us.