Member Article

Self-Assessment Tax deadline approaching for North East business owners

The deadline for submission of self-assessment tax returns online is less than a month away on 31st January but many North East businesses have yet to submit their return for the previous financial year.

Many businesses took the opportunity to submit returns during downtime over the festive season according to HMRC. In total nationwide, 6,214 people submitted their forms online on Christmas Eve, 1,944 people Christmas Day, and 6,200 added to this on Boxing Day.

Donna Bulmer, Managing Partner at Chartered Accountant’s Haines Watts North East, said: “The deadline for self-assessment submission is fast approaching and we want to ensure North East business owners do not miss this important deadline. It’s clear that filing tax returns is on people’s minds as we review the latest festive statistics from HMRC, with a significant number of individuals submitting their forms online around Christmas.

“We want to reassure North East business owners that there’s still time left to complete your tax returns ahead of the deadline on the 31st January.”

The submission for paper tax returns passed in October and the North East accountancy firm is reminding businesses that people are now only able to file their self-assessment online via the HMRC website. Businesses must ensure they are registered for this service prior to submitting their return online.

Around 10 million people across the UK are required to submit their tax returns each year using the self-assessment system.

With offices in Newcastle and Darlington, Haines Watts North East support hundreds of North East owner-managed businesses across a range of sectors each year to ensure self-assessment tax returns are completed and submitted ahead of the deadline.

Donna added: “As the end January approaches we know that many businesses and individuals do worry about completing their self-assessment on time and correctly. In 2015 for instance, 24,546 people across the UK submitted their return on New Year’s Eve.

“However if you are a company director or you’re self-employed and have yet to complete the form and collect the evidence required, now is the time to start thinking seriously about it. Here at Haines Watts North East we pride ourselves on providing expert advice and helping our clients to understand self-assessment processes and support them as required, along with a range of accountancy and business growth services.”

Chartered Accountants Haines Watts specialise in the owner-managed business sector offering a broad range services including audits, accounts, tax and general business advice.

For more information about Haines Watts North East and support with self-assessment tax returns, visit the Haines Watts website.

This was posted in Bdaily's Members' News section by Haines Watts North East .