With Christmas on the doorstep, as a tax-payer, it’s easy for individuals in business to lose sight of the tax return deadline on January 31.

Mary McDonagh, Partner at Kilsby & Williams, gives tips for those keen on staying on top of their self-assessment tax returns.

1. Know your deadline date

The tax return deadline is January 31. So, make sure the date is noted in your calendar.

We cannot stress enough that you should not ignore an HMRC request to file a tax return, even if you believe you have nothing to report. If you receive a notice to file a return it must be submitted online by January 31.

2. Seek professional help if needed

It is easy to feel defeated or confused by the tax return. If you find yourself struggling to complete your self-assessment return, we strongly recommend you seek professional help. All good accountancy practices will have experienced teams who will be able to provide support and assistance.

3. Be aware of penalty costs

If you miss the tax return deadline you will face an automatic £100 fine and, if your return is more than three months late, you will be fined £10 a day, up to a maximum of £900.

After six months, an additional penalty of either five per cent of the tax due or £300 – whichever is greater – will be added.

4. Claim all the expenses and allowances you are entitled to

For self-employed workers it’s important not to overlook claiming the expenses and allowances to which you are entitled. This includes ensuring you retain receipts, claim for all business expenses, which you paid for personally rather than through the business account, business mileage claims, extra costs of working from home and tax relief on any capital outlay you have had.

5. Know what expenses and allowances you are entitled to

If you are not entirely sure what expenses and allowances you are entitled to, contact your accountant or HMRC and find out. You can claim for any interest costs you have on business loans and any professional fees you may have incurred on business matters.

Tax relief is also available on personal pension contributions and gift aid donations, so don’t overlook them.

6. Stay up to date with HMRC

Our last piece of advice is a simple one, follow your accountant and HMRC on social media, or check out their website over Christmas and the New Year. It’s unlikely there will be any major announcements, but it’s best to be prepared.