Self Assessment Tax Returns
Submitting your Tax Return Late or Making a Late Payment can be Costly
Leave the stress and worry of completing your tax return to a Qualified Accountant, and you’ll not only avoid any penalties but also maximise your Tax Savings.
Who has to complete a Self-Assessment Tax Return?
You’ll typically need to complete a self-assessment tax return if you’re a company director, a freelancer or contractor, your annual income is £100,000 or more, or you have income from savings, investment or property. There are many other reasons why you may need to complete a tax return, but usually this will be picked up by HMRC, who will write to you alerting you of the fact.
If your tax affairs are relatively straightforward, and you already pay tax through PAYE, then the chances are you won’t have to complete a tax return.
Deadline for completing your tax return
You can either complete your tax return by paper (post) or online. If you send a paper tax return, it must reach HMRC by midnight on 31 October.
If you choose to complete your tax return online, it must reach the HMRC no later than midnight on 31 January.
There are few exceptions to these dates, and any tax owed must also be paid at this time.
Missing deadlines
The new late penalties are far less forgiving than before. If you file your return late you will be charged £100 on the first day, and then a penalty of £10 per day after three months.
If you have still not filed your return at six months, further penalties will be incurred, with a maximum penalty of up to £1,300.
If it’s 12 months late, there is another final penalty – together these could add up to £1,600 or more.
Penalties if you make a mistake…
Mistakes happen sometimes, we all know that, but by appointing a qualified accountant significantly minimises this risk.
There are penalties for getting a return wrong, and HMRC can argue that you haven’t taken reasonable care and charge you up to 30% of your unpaid tax. Deliberately concealing a liability can carry a penalty of up to 100%.
By appointing a registered accountant and providing them with all your information, the HMRC recognises this as reasonable care, and relieves you of the stress and any nasty surprises.
Why use a qualified accountant?
By appointing an accountant to complete your tax return, you not only avoid the stress and surprises, they will help maximise your tax savings. An experienced accountant will advise you of what you can claim, which can more often than not be overlooked when completing the return yourself.
By appointing an expert you can often save yourself more money in the long term.
How B20 can help
At B20 we are Chartered Certified Accountants with years of experience in advising clients on how to maximise their tax savings. We are a family run practise serving Hampshire, Surrey and Wiltshire, and we will travel to your business premises or home to provide you with the best advice possible.
Once you have provided us with all of your information, we will complete your tax return accurately and on time. You can rest assured you don’t have to pay any penalties, and that you are paying the minimum amount of tax possible.
