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
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!