Tax Return Reminder for January

2023 has arrived and we at Elite are excited for the year ahead, supporting businesses in and around Ilkley, Otley and Guiseley with their tax accountancy needs. 

January is a busy month for businesses. Bouncing back after the Christmas holidays can seem like a mammoth task and business owners can easily forget about taxes. However, the deadline for individuals to file their self-assessment tax returns is looming.

The 31st of January is when these important returns need to be filed. The HM Revenue and Customs (HMRC) states that 5.7 million individuals are yet to file their returns which could result in late-filing penalties. 

The deadline for paper-based 2021-22 self-assessment tax return has already been, so those yet to file must complete a return online. Those who miss the January 31st deadline will receive a £100 fixed penalty, owed even if there is no tax due, or if the tax due is paid on time.

Following a £100 late filing penalty, those that miss the deadline on the 31st of January will receive further penalties as time goes on. 

Three Months Late - £10 a day, up to a maximum of £900

Six Months Late -  Further penalties of 5% of the tax due or £300, whichever sum is largest

12 Months Late  -  Penalties of 5% of the tax due or £300, whichever sum is largest. 

How can we help?

At Elite, we understand that filing these tax returns can be overwhelming and confusing. Our team of accountants can work with you to complete and file your tax return accurately, review the numbers to see if any tax savings can be achieved and by calculating your tax liabilities and payment due schedules. 

Pick up the phone or email us today and let us help take the stress away with your self-assessment tax returns.