Self-assessed taxpayer? It pays to get organised

If you are one of the 9m people who pays tax through self-assessment, you may be tempted to do nothing until January. But meeting the 30th September deadline could save you money.

If you pay tax through self-assessment, as more than nine million of us do, you may be thinking of doing nothing until January. However, if you meet the 30 September deadline, HM Revenue and Customs (HMRC) will calculate your tax bill for you, and, if it's under £2,000, will collect it through next year's PAYE code. But if you wait until January, as five million did last year, you risk a £100 fine for missing the deadline and a further £60 for each additional day you delay.

There's also the issue of mistakes, says Nina Montagu-Smith in The Daily Telegraph. According to IFA Promotion, errors on self-assessment forms will cost UK taxpayers £487m this year. Miscalculations and surcharges slapped on by HMRC for underpayment can be avoided if you file early, as the Government will tell you how much you owe and give you a month's warning of the amount due at the end of January. If you file online (www.hmrc.gov.uk), your tax will be calculated instantly, although your tax affairs do need to be fairly straightforward for online filing.

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Emily Hohler
Politics editor

Emily has worked as a journalist for more than thirty years and was formerly Assistant Editor of MoneyWeek, which she helped launch in 2000. Prior to this, she was Deputy Features Editor of The Times and a Commissioning Editor for The Independent on Sunday and The Daily Telegraph. She has written for most of the national newspapers including The Times, the Daily and Sunday Telegraph, The Evening Standard and The Daily Mail, She interviewed celebrities weekly for The Sunday Telegraph and wrote a regular column for The Evening Standard. As Political Editor of MoneyWeek, Emily has covered subjects from Brexit to the Gaza war.

Aside from her writing, Emily trained as Nutritional Therapist following her son's diagnosis with Type 1 diabetes in 2011 and now works as a practitioner for Nature Doc, offering one-to-one consultations and running workshops in Oxfordshire.