There are 31 million tax payers in the UK (gov.uk), are you one of the over 11.5 million of them (gov.uk) that have to fill in a self assessment tax return by January 31st?
We know that self assessment tax returns are not everyone’s idea of fun and it's very easy to make mistakes that can be costly. We can take the headache of filling in the return for you and help make sure that it is filled in correctly, in line with the guidance from HMRC.
At Atreus Accountants we offer our clients exceptional experience and knowledge to assist in their personal tax affairs, taking the stress and time away from preparing and submitting the dreaded personal tax return!
Do I Need to Submit a Tax Return?
Self assessment covers a complete tax year from 6 April to 5 April and can be submitted by post by 31 October or electronically by 31 January following the tax year passing.
Common reasons that will require you to prepare a self assessment are:
- You had taxable income over £100k
- You or your partners taxable income was over £50k and Child Benefit was claimed
- You were self employed
- You were a company director
- You lived abroad but had a UK source of income
- Made a gain on the sale of shares, second property or other chargeable assets
You may need to register for self assessment due to the reasons mentioned with the HMRC, (which we can help you with), or already be within self assessment, receiving written notification to complete a return following the end of the tax year.
Late Submission Penalties
Penalties will arise on the late submission of a return initially starting at £100 for 1 day late, increasing to up to £1,300 for each tax return outstanding. The Revenue will also apply late payment interest and late payment penalties should any liability due not be settled on time.
Our dedicated Self Assessment team base in Wimborne, Dorset will be able to provide you with professional and specialist advice to ensure your personal tax affairs are in order. We also offer a number of other services including tax advice and planning along with our accounting and corporate tax function and so please do contact us to see how we would be able to help you.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01202 052276. Or if you would prefer, ask us a question online.