With the January 31 deadline for self assessment tax returns approaching fast, Her Majesty’s Revenue and Customs (HMRC) is urging self-employed business owners to file ‘online and on time’.
HMRC said that the benefits of online filing include automatic tax calculation, an immediate acknowledgement of receipt, and faster repayment if you are owed money.
It also means customers can view their liabilities and payments in the form of an online statement, with payment reminders sent by email or text message.
However, HMRC said that in order to file a return online, it is essential to register on the website at least seven days before the deadline.
“Once the online registration is completed, a pin number will be sent to you through the post. It may take up to seven days for the pin number to arrive, so register as soon as you can,” said a spokesperson.
HMRC has also created a new ‘Introduction to SA online’ video podcast to help those who are less technically-minded.
Last year, 150,000 self assessment returns were received in the 24 hours before the deadline, with over 2.9m returns filed online in total. During the peak, the HMRC website was processing more than 6,000 returns per hour – about 100 a minute.
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