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. ABM can help with all aspects of completing your tax return. Whether you simply need to report your property income or have a more complex self employment ABM can take the stress out of self assessment.
With over 20 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 we recommend that any paperwork you get from HMRC should be forwarded to us to review on your behalf.
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 2020 to 5th April 2021 is due together with any payment by 31st January 2022.
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
30 days late payment 5% of the tax due
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.
Have you heard about Making Tax Digital? This is set to be the biggest shake up to the self-assessment system since it was introduced in 1996. Have a read of our guide to find out how it will affect you.
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.