Self-Assessment deadline is fast approaching

The deadline for self-assessment tax returns is fast approaching. All Tax returns for the 2012-13 tax year must be filed online by 31st January 2014.

Who needs to complete a tax return?

If any of the below apply in the 2012-13 tax year then you will need to complete a return:

  • Self-employed
  • Director of a Ltd company
  • Annual income of £100,000+
  • You receive Child Benefit & your income is over £50,000

There are other circumstances that may require you to file a tax return, HMRC provide a full list here http://www.hmrc.gov.uk/sa/need-tax-return.htm

 

Penalties for late submission

Anyone who fails to meet the 31 Jan deadline is in for a nasty surprise, a £100 penalty awaits those who miss the deadline, even by a single day!

After 3 months daily penalties start to kick in, with penalties peaking at £1,600 after 12 months for those who have no tax due and potentially even higher where a tax liability exists.

 

Filing your tax return

Firstly you must ensure you have your Unique Taxpayers Reference (UTR), which is on any correspondence HMRC send you regarding self-assessment.

If you have not been sent a request to complete nor a tax return from HMRC & you have never completed a tax return in the past then you must register for self-assessment with HMRC.

HMRC explain how to register here http://www.hmrc.gov.uk/sa/register.htm

Once you have your UTR you can register with HMRC to file your returns online, they will post you an activation code by post which can take up to seven days to arrive.

Once activated you can enter all of your various sources of income through the HMRC website and file your return once confident it is accurate.

 

We've got this!

The good news is that we can take care of this for you with our self-assessment service.

You will have the peace of mind that your return will be submitted on time and by an expert. As well as filing your return we will also take the time to make sure you are structuring your affairs as tax efficiently as possible.

You can see our basic fee structure for existing clients below, if you are not a current client then a slightly higher fee will apply.

All information received:

Fee

Before 1st December

£75+VAT

Before 1st January

£150+VAT

On or after 1st January

£200+VAT

These fees are based on our standard Personal Tax Return service and supplementary work (property, self employment, capital disposals, etc) will carry a separate charge

Don’t forget that as well as filing your tax return you also need to pay any tax owed to HMRC by the 31st January.

If you would like us to take care of your return or discuss self-assessment in more detail, call us now on 01707 247040.

Tags: Self Assessment

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