Self Assessment is your responsibility – do you need help with your Self Assessment?
Self Assessment means exactly what it says. It’s your legal responsibility to tell HM Revenue & Customs about your taxable income and expenditure, and to file your Self-assessment by 31st October for paper filing, or 31st January if filed electronically. There are penalties for late tax returns and there can be interest and surcharges on unpaid tax.
Did you know:
- There’s a £100 penalty if you do not inform the Revenue of a new taxable source
- After 3 months there is a £10 penalty for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty above
- There’s a further £300 penalty for Self-assessment filed over six months late and further fines after that
- All company directors may need to file Tax Returns
- You may need to file a Self-assessment Return – even if the Revenue hasn’t sent you one this year!
- You can apply to reduce Payments on Account if the tax payable for this year’s trading will be less than that for last year
Maze Accountants in Sutton offer a Self Assessment and Personal Taxation Service for local business owners in Sutton. This includes calculating the tax you owe for this year, and the payments you need to make on account of next year’s tax. It also includes preparing the return, and providing you with a copy and detailed supporting schedules for your records.
We ensure that you take advantage of all the tax allowances available to you, and help you plan to reduce your liability wherever possible. The majority of our Self Assessment returns are filed online to avoid the annual nightmare of returns being lost in the post!
We also schedule your Self Assessment date in our client management tool, so that we can give you plenty of notice of when this needs to be completed.
Need help with your Tax Return? No problem! We can help. Simply contact us on 020 8643 9633 and we can meet to discuss your requirements.