And now, the penalty for filing your tax return too EARLY
And now, the penalty for filing your tax return too EARLY If you’re among the millions who file their own self-assessment tax returns you will understand me when I refer to the pleasant sensation of having done the job for the year.
Many people, including myself, are gearing up about now to complete the return for the year ending April 2015, which has to be filed by the end of January .
I like to complete it before Christmas.
But here’s a salutary warning for anyone who is extra-organised: even if you complete your return far ahead of the deadline, don’t submit it too early – as there is a danger of unexpected consequences in your tax coding.
As a result, your monthly pay could be unexpectedly reduced.
Accountants Baker Tilly recently reported on just such a case.
A taxpay...