The Christmas rush may be over but for many that means the start of the self assessment rush. The January 31st self-assessment deadline is often approached with dread, however, completing your tax return form within the given time constraints can be achieved with the right amount of preparation and some simple, solid, professional advice, advises Wolverhampton based business advisers and accountants AGS.

Steve Aston, partner at AGS comments: "By following a few simple guidelines self assessment needn’t be too taxing. First of all, it is important to check that you have all the required pages in your tax return ‘package’ and all the information you need for each type of income or gain, before making a start. Following this, you need to decide whether you would prefer complete the paper tax return or file online, although if choosing the latter option you first need to register on the site which can take up to a week and this is thus inadvisable for late-filers."

Steve concludes: "Late filing can make for a bad business ethic so if you think you are heading into difficulty consult a certified accountant. Not only does late submission incur a penalty charge which is reportedly set to increase greatly over the next few years, but it can also make it difficult to distinguish between tax owed between the concluding and pending years."

Self-assessment describes the method in place by which certain people have to assess their own tax liability rather than have their local HM Revenue and Customs district office carry out the assessment for them. The law states anyone issued with a ‘Self Assessment tax return’ must complete and return the form by 31st January, with exceptions given only for abnormal circumstances. Failure to do so will result in the automatic penalty of £100, with additional surcharges for continued non-compliance.

For more information please visit  www.agswolverhampton.co.uk or phone 01902 717175