As 2016 draws to a close and plans for Christmas begin to be made, you may to want to consider setting aside a little time to deal with HMRC, who can turn into the Christmas Grinch if you let them!
All limited company contractors and a number of umbrella contractors may have been served with a notice to make a 2015/16 Personal Tax Return and time is running out to ensure your return is filled on time.
Tax Returns for the year ended 5th April 2016 need to be filed electronically with HMRC by the 31st January 2017 at the latest. Preparation and filing of the Tax Return will also identify what tax you need to pay by that end of January deadline to settle your 2015/16 personal tax liabilities and what you may need to pay on account of your 2016/17 liabilities.
It's not bad news for everyone and some fortunate contractors may find that they have a tax repayment gift waiting for them when they file their Tax Return.
The important message at this time of year is don't wait - get your Tax Return filed now and don't risk the automatic penalties and surcharges which HMRC will impose on you in the event of late filing and payment of tax.
If you realise you haven't made a start on your Return, don't panic! You can contact PayStream's Tax Team on 0161 929 6000 or email them on firstname.lastname@example.org They will help you to meet the deadline and enjoy your break!