Agents who complete Self Assessment tax returns at the end of each financial year are advised to start planning early to avoid last-minute panic and late filing penalties which caught out many small businesses this year.
David Redfern, tax preparation specialist and managing director of DSR Tax Claims, advises agents to plan ahead now by getting financial and business records organised, such as keeping all HMRC letters and financial information including bank statements, invoices and receipts in an easily accessible location.
Redfern says agents should check that they have an online HMRC Self Assessment account and all login details. Agents who may not be able to pay on time should call HMRC as soon as possible to discuss their options. He reminded taxpayers that Self Assessment tax returns for 2018/19 can be completed as soon as the tax year ends on April 5.
