Most people pay their income tax as a deduction from their salary under the PAYE scheme operated by their employer. However, HM Revenue & Customs issue Self Assessment tax returns to people with more complicated tax affairs, or if they fall under one or more of the following categories:
- receive income from self-employment
- are a company director
- receive foreign income
- receive rental income
- have made a capital gain
- receive other income on which tax was not deducted at source
Submitting a Tax Return
If HM Revenue & Customs issue you with a Self Assessment tax return, there are deadlines by which it must be submitted and penalties if these deadlines are missed:
- paper returns must be submitted by 31 October following the tax year end (5th April)
- if filing your tax return online, the deadline is 31 January following the tax year end (5th April)
The initial penalty for missing a deadline is £100, rising over time.
How Can We Help?
Save yourself the time and stress involved in filling in forms and give you tax return to us to complete for you. We will:
- complete your tax return on time ensuring you have no late filing penalties
- check your PAYE tax coding to ensure you are not being deducted too much tax
- calculate your tax liability
- inform you of the amount due
- remind you when the payment is due and inform you how to pay
If you would like a free meeting to discover what we can do to grow your business and save you tax, contact us. We'll be happy to talk and give you a great value competitive quote.