Get your tax returns ready, says E&Y
At the top of taxpayers' New Year's resolutions should be a determination to get one's tax affairs in order, starting with their annual tax return, says one Big Four firm
Colin Masters, head of private client services at Ernst & Young, said: ‘Even if you have not given any thought to your tax affairs until now, there is still time to get it all sorted.’
Masters warns that tax returns should be a priority, as they need to be submitted by the 31 January at the very latest.
Taxpayers can also still register to submit their returns electronically, via the Inland Revenue’s online portal. Returns that do not reach the Revenue by 1 February, face a fixed penalty of £100m.
The firm also advises taxpayers to: