If you have to complete an income tax return, it is not too soon to start gathering together the information you need, a Truro accountant is advising.
Bishop Fleming, which delivers accounting, tax, corporate restructuring and advisory services, is currently asking clients for their information to prepare their 2018 returns.
Bishop Fleming partner, Alison Oliver, points out that starting early by bringing together all the papers you need to fill in the return, means you can avoid the panic later on of having to track down various bits of information in the shadow of the approaching deadline.
She said: “The filing deadline is just over five months away for paper returns or eight months if filing online. And while some information may yet be missing, such as forms P60 and P11D, other documents should have been received.”
Oliver also points out that as well as a more relaxed Christmas period where the return has been done, taxpayers can also avoid financial penalties.
She said: “Where a return is not filed on time, there is an automatic £100 penalty. This is followed by penalties of £10 per day for up to 90 days where the return is three months late – that’s £1k in total on top of any tax owed. At least a further £300 penalty can follow on after that.”
