South Yorkshire Based Branagans Accountancy Services Urges Timely Action As Self-Assessment Deadline Nears

As the new year unfolds, Branagans Accountancy Services emphasises the importance of prompt action for individuals required to file a self-assessment return. With the looming deadline of January 31st, failure to submit on time may lead to fines and potential interest charges on outstanding tax amounts.

Donna Branagan, Director of Branagans Accountancy Services, comments on the significance of meeting the self-assessment deadline: “The deadline for self-assessment is approaching once more! It’s crucial for individuals to act promptly and ensure their returns are filed accurately to avoid penalties.”

David Branagan, also a Director at the firm, adds: “Many individuals opt to manage their tax returns during the Christmas period. Surprisingly, last year saw 22,000 people filing their tax returns over Christmas, with 3,725 even filing on Christmas Day itself. Regardless of when you choose to file, it’s essential to claim all entitled allowances to minimize your tax bill.”

Branagans Accountancy Services highlights often overlooked avenues for maximizing tax benefits:

On Reclaiming Tax Relief on Pension Contributions, Donna adds: “Individuals, especially 40% or 45% taxpayers, should check if their pension scheme claims additional reliefs. Sole traders or those in partnerships need to claim all pension tax relief on their self-assessment return.”

Tax Relief on Charitable Donations, David comments: “Donors, including 40% or 45% taxpayers, can reclaim the difference on charitable donations made through Gift Aid on their self-assessment. This applies to both regular and one-off donations for the entire tax year.”

When Claiming Work-Related Expenses, David adds: “Even if paying taxes through PAYE, filing a return is sensible. Claiming tax rebates on work-related expenses, such as professional association memberships or necessary work clothing paid out-of-pocket, is a wise financial move.”

Donna Branagan reassures individuals, stating, “Our team is ready to assist you in determining eligible claims for your self-assessment and ensuring compliance with tax regulations. We are here to guide you through the process and help you make the most of your tax benefits.”

For further information, please visit Branagans Accountancy Services website: www.branagans.co.uk, or contact a member of the team: 01709 327215 or via email at [email protected].