Self Assessment Tax Returns
According to HMRC, about 10.9 million people need to submit a self-assessment form. If you miss the January deadline and you haven't already filed a self-assessment tax return, contact us now to avoid a hefty fine.
Do I need to file a return?
If you received a notification since last April saying you need to submit a self-assessment form, then you must do it. If you fall into one of the following categories it's likely you'll need to file a return even if you have not received a notification:
• You are self-employed.
• You are a company director.
• Your annual income is £100,000 or more.
• You have an income from savings, investment or property.
• You need to claim expenses or relief's.
• You or your partner receive child benefit and your income is over £50,000.
• You get income from overseas.
• You have income from trusts, settlements and estates.
• You have capital gains tax to pay.
• You've lived or worked abroad or don't live in the UK permanently.
• You are a trustee.
Contact us now to submit the correct forms and information on time and avoid penalties!
What if I'm late paying?
If you're late making your payment on account you'll be charged 3% interest. This is on top of the minimum £100 fine for missing the deadline for filing your tax return. Hiring a professional company like The Accounting Company will take all the worry and hassle away from completing and submitting your annual self assessment return to HMRC. All you need to do is make sure you pay the amount payable when you receive the notification letter.
Paying fines, or missing out on claimable expenses, can make the world of difference to your life. By letting us do the hard work, you can relax in the knowledge that our tax return specialists will prepare and submit your legal responsibilities on time and in compliance with HMRC regulations.
For help and assistance with your self assessment tax return for the financial year please call us on (0113) 240 3227