Here is some advice for dentists who think their Self Assessment Tax Return won’t be filed before the 31st January 2016.

It’s finally upon us, we are now officially less than two weeks from the deadline for electronic submissions of Self Assessment Tax Returns.

If you are not aware, this is the time of year that accountants are frantically putting the finishing touches on their clients’ tax returns, in order to get them signed and filed before the deadline. It also means that we are less than two weeks from the date at which any unpaid tax is due.

What if I don’t think my return will be completed on time?

You may read this and suddenly realise that you haven’t sent any records to your accountant. We would strongly recommend that you send any due records in as soon as possible, or at least get in touch with your accountant to let them know that you are on the case – depending on how busy they are they may be able to slot you into their workflow if they know when you will get them the necessary records.

We have also noted that people tend to panic about some “black mark” against their name in HMRC’s eyes if they don’t get their return filed on time. In fact, the worst thing that will happen for a late filed return is a simple £100 penalty. Now, obviously depending on your circumstances, this may actually be easier to bear than what you were originally expecting.

Of course, we would still strongly recommend getting in touch with your accountant to update them on when you are planning on sending across the relevant records.

And if your tax return is completed and signed? Well done! You just need to worry about paying the tax, and then will get a few months of space before it all begins again in April.

If you would like to speak to us about saving tax or any other aspect of your tax affairs please contact us on 01872 300232 or email us at hello@hivebusiness.co.uk.