Business owners struggle with HMRC Self-Assessment

Business owners struggle with HMRC Self-Assessment access under the weight of the upcoming 31 January self-assessment tax deadline. 

Business owners struggle with HMRC Self-Assessment

Small business owners and sole traders across the UK have again been struggling with accessing HM Revenue and Customs online and telephone services as the system creaks under the weight of the upcoming 31 January HMRC Self-Assessment tax deadline.

Callers to the HMRC Self-Assessment service at the beginning of this month (December 2017) found they were unable to contact members of the customer service team as lines were down. They also vented on social media that the web chat facilities were not working.

The first tax deadline of the new year is looming

By the end of January 2018, companies that do not choose to engage professional services to manage their accounts need to have themselves completed all the relevant paperwork to allow for the first payment on account, or tax payment instalment, for the tax year ending the following 5 April to be calculated. That means that in order to stay the right side of the tax man, your payments for 2018/19 need to be arranged for the year ahead in late 2017/early 2018.

This glitch in services is a reminder that efficient management of tax is increasingly important for companies as the first of the year’s deadlines looms, say industry experts. As such, there is no time to delay in completing the relevant registration and preparation processes, or getting help to so do.

Loveless can provide useful support for business owners

At this time of year, it’s worth remembering that there is an easier way. Professional services companies like Loveless will charge as little as £10 per month (plus VAT) to complete a thorough review of every area of taxable income, whether it is from rentals, dividends, capital gains or sole tradership/partnership profits to help you file an accurate and timely self-assessment tax return.

And if you’re a sole trader, then just £25 a month gets you Loveless’ advice and support on managing and producing your financial statements, profit and loss and balance sheet report, calculation of taxable profits to include claiming of tax-deductible capital purchases and your self-assessment tax return (including filing).

So why wait around in queues? Loveless can help with getting your tax affairs in order – whether you’re a limited company, limited partnership or any other form of company. You can also talk to us about management accounts, tax planning, business structuring, capital gains tax calculations, bookkeeping training and accountant references. Don’t waste any more time. Call us today.