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Self assessment Tax Returns

SelfAssessment

“Tax doesn’t have to be taxing” but it is isn’t it?

There are a number of reasons why you may need to complete a tax return, you can find a full list on the HMRC website www.hmrc.gov.uk. ABM can help with all aspects of completing your tax return. Whether you simply need to report your property income or are a sole trader with perhaps a more complex self employment ABM can take the stress out of self assessment.

With many years of experience we can advise you of how to maximise your expenses and ensure you don’t pay any more tax than you have to.

Acting as your appointed agent we complete and submit all tax returns using our own software, and all our work is done online to avoid any problems with the postal system. We can also deal with any queries arising and recommend that any paperwork you get from HMRC should be forwarded to us to review on your behalf.

Due Dates

The tax year runs from 6th April one year to 5th April the next and this is the period covered on your tax return. All returns filed online are due by 31st January following the end of the tax year (or 3 months after the return was issued if later). So, the tax return covering the period 6th April 2016 to 5th April 2017 is due together with any payment by 31st January 2018.

Late returns will incur automatic penalties depending on how late the return is:

1 day late         £100 penalty even if there is no tax to pay

3 months late  £10 for each following day – up to a 90 day maximum of £900. This is in addition to the fixed penalty above

6 months late  £300 or 5% of the tax due, whichever is the higher. This is in addition to the penalties above

12 months       £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. This is in addition to the penalties above.

When dealing with your tax return, we will provide you with full details of your tax liability or tax refund together with the due dates of any payments of tax required. We will also advise you of payments on account and whether any election to reduce your payments on account should be submitted.

If you are self employed you should check out our Bookkeeping, VAT, Payroll and CIS service page. We also offer a tax investigation scheme; give us a call on 01642 592802 or email Loraine@teessideaccountants.co.uk to find out more.