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JacRox are Xero Gold Partners
Experienced Chartered Accountants
A JacRox veteran, Peter's expertise lies in business valuations, tax advisory, and championing Xero Accounting.
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Do You Know How to Avoid the Self-Assessment Late Submission Penalties? Use Xero
Welcome to JacRox, a brand division of Jack Ross Chartered Accountants in Manchester. We are dedicated to offering expert Xero services to a wide variety of clients, from sole traders to large corporations. If you are in need of state-of-the-art cloud accounting software, use the contact form on the right and one of our JacRox team will be in touch to discuss next steps.
The HMRC self-assessment tax return system can be a complex and stressful process, especially if you are self-employed or running a small business. The penalties for late submission can add another layer of complexity. However, with the right accounting software, you can make this process much more manageable. In this article, we will explore how using Xero UK can help you avoid late submission penalties and make your tax return process smoother.
Understanding the HMRC Penalty System
Before diving into how Xero can help, it is essential to understand the penalty system imposed by HMRC for late self-assessment returns. Penalties start with a £100 fine if you miss the deadline, which is usually 31 January following the end of the relevant tax year. Additional fines for late payment can accumulate quickly, so it is crucial to submit your return on time.
How Xero Simplifies Self-Assessment Tax Returns
Meeting the Deadline: Never Miss a Tax Year End
The first step in avoiding penalties is meeting the HMRC deadline for filing your self-assessment tax return. Xero accounting software has features that allow you to keep digital records of income and expenditure, providing a straightforward way to complete a self-assessment tax return. The software also offers reminders for key dates, ensuring you never miss the deadline.
Accurate Calculations: Know Your Tax Liability
Submitting an inaccurate tax return can also result in penalties. Xero provides accurate tax calculation features that align with HMRC’s Making Tax Digital (MTD) initiative. This is particularly important as MTD for Income Tax Self Assessment (ITSA) rules are expected to be introduced in April 2026.
Streamlined Submission: File Your Return Online
Xero allows you to file your tax return online directly to HMRC, meeting the MTD for ITSA requirements. You can also submit VAT returns and keep track of your payments on account, making it an all-encompassing accounting solution.
The Jack Ross Team has been an absolute delight. Professional, nice and fast during the Audit procedure. Thank you Jack Ross Team.
Very good service from the Jack Ross Team. They gave us good advice and completed a very efficient audit. They have a friendly and competent team. I would surely recommend them.
Brilliant service from the Jack Ross team in setting up several companies in very quick time, along with providing associated accountancy advice. Can recommend wholeheartedly as a leading accountancy practice with a can-do attitude.
First class service for many years from a first class team. Highly recommended. Prompt, commercially aware, personable.
Been using Jack Ross for a number of years. Good clear advice and nice people to do business with.
Jack Ross is based in Manchester and provides tax planning and Xero accounts. They are a long-standing and well-regarded firm with an excellent reputation. They provide their clients with exceptional service and a wealth of advice. I have no hesitation in using their professional services.
Jack Ross has been my accountants since I set up my business in 2016. From the outset I was helped with advice, support and encouragement. I cannot commend them highly enough. Always on hand to answer any question and responsive to any changes in the economy which might concern their clients. I don’t have to worry about the financial side of my business as all of that is taken care of and dealt with by Umar and the brilliant team. If you are looking for a top class accountancy firm which maintains the personal touch they are for you!
I would recommend this account, knowledgable and helpful
I can confidently recommend Jack Ross Accountants. They are continually improving their service, greatly benefiting our company as well as me personally. The team at Jack Ross have helped suggest and set up innovative accounting software, adding training and support. This alone has been a massive step towards having more control and understanding of our company finances.
We have enjoyed a solid and constructive relationship with JackRoss and Can highly recommend them for accountancy services.
We have been working with Jack Ross for over two years and the service has been fantastic. They have a great and knowledgable team who have taken good care of us and our accounts.
Meeting to review annual accounts and discuss future plans. Very productive as they definitely talk my language - on reflection probably the best such meeting in recent years. Many thanks Umar and Jamie
Jack Ross has serviced my Personal Tax requirements for the last 5 years. During some complicated challenges their advice was excellent and the customer service second to none and left me with no doubt all was in hand.
Following a recommendation, I have used Jack Ross for all my accounting needs (including payroll) since the inception of my business over 12 years ago. The relationship has been completely hassle free and I greatly value their service, which goes well beyond preparation of accounts. Their tax planning advice has been really helpful and I have always felt that they have ‘got my back’. Can’t recommend them enough.
We have finally found the Accountancy firm that we have been looking for! We switched over to Jack Ross towards the end of last year and from the very first contact to the recent submission of our end of year accounts the service provided has been fantastic and has easily exceeded our expectations. Thank you!
Excellent service; very helpful people and work done much quicker than I expected.
I have used Jack Ross as my accountants for a number of years. Their service is professional and accurate. They deal with queries promptly and I can always get hold of the person I need to speak to. Their digital product has made a big difference to the efficiency of my business. I would not hesitate to recommend them.
Jack Ross have been my family and business accountants and financial advisors for over 50 years. The delivery of services is second to none and i would recommend them to anyone. We have also built up great friendships over the years, above and beyond that of a normal business relationship which i value greatly.
We have been looked after by jack Ross for a number of years. They have given us fantastic tax advise and helped our company grow from strength to strength. A & f
Excellent advice and an understandable explanation of a very complex area of tax and corporate law which other (so called) advisors managed to totally confuse me. Thank you.
I have had a relationship with Jack Ross for several years and continue to be impressed by the proactive support and diligent advice received across the breadth of the firm. Excellent at signposting.
Jack Ross have acted for our law company for over 5 years and have been professional, prompt, and knowledgable in all aspects of our dealing with them.
The Benefit of Professional Support: Accountant or Bookkeeper?
While Xero is user-friendly, some business owners prefer the additional assurance of professional help. An accountant or bookkeeper who is familiar with Xero can help you ensure that your self-assessment tax return meets all HMRC criteria, further lowering the risk of late submission penalties.
The Late Penalty Landscape: What to Expect if You Miss the Deadline
If you do find yourself facing late self-assessment returns, the penalties can be severe. You may have to pay a £100 fine, and additional penalties accrue over time, such as a £10 per day fine after the initial £100 penalty.
Summary: Why Choose Xero for Your Self-Assessment Tax Return?
- Avoid Late Submission: Xero’s reminders and easy-to-use interface make it less likely you will miss the deadline.
- Accuracy: Accurate tax calculations reduce the risk of fines for incorrect information.
- Ease of Submission: Xero offers a streamlined process to submit your return directly to HMRC.
- Professional Support: The option to integrate with an accountant or bookkeeper for added peace of mind.
Avoiding late submission penalties for your self-assessment tax return does not have to be a stressful process. With Xero’s robust features and the option for professional support, you can navigate the HMRC system more confidently. Whether you are self-employed or managing a small business, Xero accounting software can be a valuable tool in ensuring you meet your tax obligations on time.
A JacRox veteran, Peter's expertise lies in business valuations, tax advisory, and championing Xero Accounting.
Latest posts by Peter Black (see all)
- Excel Spreadsheets Vs Xero Accounting - 15/08/2023
- JacRox Feature: Silver Package - 16/01/2023
- Why should you consider moving to Xero cloud accounting? - 16/01/2023
Using an accredited accounting software such as Xero UK or QuickBooks can save taxpayers both time and money by making filing more efficient. Specifically, these programs allow users to quickly access all the necessary forms needed for completing their returns online. Additionally, many offer tools that assist users in calculating exactly how much money they should be paying in taxes before submitting their returns.
If you don’t complete your self assessment tax return on time, HMRC will issue a penalty notice. You may also need to pay late payment penalties if you don’t pay the total amount of tax due within 30 days after the due date.
Good bookkeeping practices when dealing with self-employed taxes involves keeping accurate records of income and expenses throughout the year. As a sole trader, it’s important to keep track of all transactions that impact your rate of taxation as well as any deductions that can lower your liability come tax season.
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