{"id":2586,"date":"2014-11-20T00:00:00","date_gmt":"2014-11-20T00:00:00","guid":{"rendered":"http:\/\/dev1.2facearts.com\/index.php\/what-is-the-rush-2\/"},"modified":"2014-11-20T00:00:00","modified_gmt":"2014-11-20T00:00:00","slug":"what-is-the-rush-2","status":"publish","type":"post","link":"https:\/\/hebblethwaites.com\/index.php\/what-is-the-rush-2\/","title":{"rendered":"What is the rush"},"content":{"rendered":"

\n\tReaders who still need to file their 2014 self-assessment tax return may be asking themselves what’s the rush? After all, the deadline for filing the return is not until 31 January 2015: more than two months away.<\/p>\n

\n\t <\/p>\n

\n\tIn fact there are at least two good reasons why you should attend to your filing obligation in the next few weeks.<\/p>\n

    \n
  1. \n\t\tIf part of your earnings comes from self-employment, either as a sole trader or in partnership, your income from this source for the year to 5 April 2014 may create a significant tax payment on 31 January 2015. If your profit was higher in this year (to 5 April 2014) than in previous years, then it is likely that any payments on account you have made for 2013-14 will not be sufficient to cover all the tax that is due. Accordingly, on 31 January 2015 you will have to pay any shortfall together with a possible increased first payment on account for 2014-15.<\/li>\n<\/ol>\n

    \n\tIf you leave your tax return filing until the last minute you will have no time to organise funds to pay tax due. The earlier you file your return after 5 April 2014, the more time you will have to source funding for your tax payment on 31 January next year.<\/p>\n

      \n
    1. \n\t\tThe second reason to file your tax return now is to avoid breaching a further deadline on 30 December 2014. If you file online before this date HMRC will allow you to pay off any arrears of tax for 2013-14 by adjusting your next year’s tax code. There are limits to the amount of unpaid tax you can clear in this way (presently £3,000), and you will need to have a source of income that is subject to PAYE and sufficiently high enough to support increased PAYE deductions to recover any outstanding tax.<\/li>\n<\/ol>\n

      \n\tOur advice, therefore, is to attend to your tax return filing without delay. <\/p>\n","protected":false},"excerpt":{"rendered":"

      Readers who still need to file their 2014 self-assessment tax return may be asking themselves what’s the rush? After all, the deadline for filing the return is not until 31 January 2015: more than two months away.   In fact there are at least two good reasons why you should attend to your filing obligation […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-2586","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/comments?post=2586"}],"version-history":[{"count":0,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2586\/revisions"}],"wp:attachment":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/media?parent=2586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/categories?post=2586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/tags?post=2586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}