The end of January is, of course, the deadline for self-assessment tax returns to be filed, any outstanding income tax to be paid, and a few other tax-related deadlines besides that, all of which keeps our Manchester
accountants busy well into February with last-minute clients and helping those who leave it too late.
While this will come as no surprise to many readers, there are always a few changes in legislation that it’s useful to be aware of, in case they affect how you file your tax return, pay your income tax, or even whether or not you need to file a return at all.
On December 14th, HMRC celebrated the first birthday of the Personal Tax Account, an online system that allows UK taxpayers to manage various aspects of their finances.
More than seven million people had signed up to the PTA in the first 12 months, using it to renew tax credits, pay income tax bills, and so on.
In all, two million people checked their state pension entitlements, 1.6 million checked their estimated tax, one million renewed tax credits and 1.6 million made income tax payments valued at over £800 million – an average of over £500 each.
Meanwhile, the Association of Chartered Certified Accountants has warned that taxpayers should be sure to self-assess before January 31st if they might be affected by the Personal Savings Allowance.
The PSA (not to be confused with the PTA mentioned above) allows up to £1,000 of tax-free savings income for basic rate taxpayers, and up to £500 for higher rate taxpayers.
But ACCA have warned that those who had to self-assess their savings income under the old rules should still do so despite the new tax-free thresholds.
Our Manchester accountants are available to handle any enquiries relating to the above issues, or any aspects of self-assessment as January 31st approaches, but be quick – some parts of the registration process introduce inevitable delays, so the sooner you get in touch, the more likely it is that we can file your return before the midnight deadline at the end of this month.
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