We can complete tax returns for any individual or business including self-employed, CIS contractors or sub-contractors, Partners or Directors of a business, or Landlords renting out a property.
Although you may be able to complete your tax return yourself, many people find the process confusing, boring and stressful. That’s why they ask us for help. Our fully qualified tax advisors have had years of experience and will able to guide you through the process and make it as quick and easy as possible.
The self-assessment tax return is an annual requirement for people who do not pay their tax automatically through PAYE.
If you are self-employed, a Partner, Director, Landlord, a Trustee or registered with the CIS, you will have to file an annual tax return to HMRC declaring the amount of income you’ve earned. You have to do this by a certain deadline each year otherwise you may face a late submission penalty from HMRC.
When you file your self-assessment tax return, you will need to declare any income that you made in the previous financial year. Each individual will be different, but here are the main documents and records you will need to declare:
HMRC give two deadlines to file your tax return:
There is an immediate £100 fine payable to HMRC if you submit you tax return late. This becomes a £10 a day fine on top of the £100 if you fail to submit your tax return after three months, which grows to a maximum of £900.
If you haven’t filed your return after 6 and 12 months following the deadline you get an additional £300 fine, or 5% of your tax bill (whichever is greater) on top of your previous fine.
Submission After The Deadline
3 Months Late
£10 a day up to £900
6 Months Late
£300 or 5% of tax due
12 Months Late
£300 or 5% of tax due
*All penalties are additional to the former.
There are also fines in place for sending an incorrect tax return or a form which contains mistakes. The heaviest penalty is for those who attempt to conceal their income in order to pay less tax.
And you can call, email or pop into any one of our offices as much as you like and we’ll always do our very best to help. We won’t charge you for meetings, phone calls or emails either.
If you’d like to have a chat about anything relating to our tax return service, please contact one of our friendly advisors.