Over 4 Million Self Assessment Returns (over 40%) will be filed in January 2017, last year the 29th January saw the highest level of filing with 50,358 returns filed between 2pm and 3pm on that day!
Its likely that many of those who haven’t yet filed their 5th April 2016 returns will either start to panic now or the panic will set in and increase in the next few days.
Here are some things to ease that panic.
What if you don’t have all the information you need for the return?
Returns which include provisional or estimated figures should be accepted provided they can be regarded as satisfying the filing requirement.
- A provisional figure is one which the taxpayer / agent has supplied pending the submission of the final / accurate figure
- An estimated figure is one which the taxpayer / agent wishes to be accepted as the final figure because it is not possible to provide an accurate figure for example where the records have been lost. The taxpayer is not required to tick box 20 of the Finishing your Tax Return section of the return page TR 6 (or equivalent in a return for an earlier year) where estimated figures have been used
Is there a reasonable excuse as to why you can’t file the return?
Here are some excuses that HMRC have accepted
- a failure in the HMRC computer system
- your computer breaks down just before or during the preparation of your online return
- a serious illness, disability or serious mental health condition has made you incapable of filing your tax return
- you registered for HMRC Online Services but didn’t get your Activation Code in time
- it was lost in the post HMD Response International v’s HMRC 2011 The accountant produced a contemporaneous note in his office diary for 16 May showing that he had filed the return.
What if you make a mistake?
If you make a mistake on your tax return, you’ve normally got 12 months from 31 January after the end of the tax year to correct or amend it.
What if you don’t know where to send the payment?
For all those struggling to work our whether to make a bank transfer to HMRC Shipley or Cumbernauld
Your payslip tells you which HMRC account to use. If you’re not sure, use HMRC Cumbernauld. You must use your UTR as the payment reference.
| Sort code | Account number | Account name |
|---|---|---|
| 083210 | 12001039 | HMRC Cumbernauld |
| 083210 | 12001020 | HMRC Shipley |
If you make a Faster Payment this will clear the same day if the amount is within your bank’s limits.
https://www.gov.uk/pay-self-assessment-tax-bill
What if you don’t know how much to pay because of payments on account?
You can check the amount by logging onto HMRC or by asking your accountant to check with their Agent Login.
If you make payments on account you will have made payments in January 2016 and July 2016 towards the final payment to be made in January 2017.
What are the penalties for missing the deadline?
HMRC have tool to help you estimate the penalties and interest
https://www.gov.uk/estimate-self-assessment-penalties
