Tax returns are issued by the Inland Revenue every year covering the period from 6 April to 5 April and they require a summary of an individual’s income and capital gains within that period.
If you are self employed, we can prepare your end of year accounts to the highest standards, ensuring that you maximise your tax allowances and avoid penalties. We can also help you with VAT, PAYE and income tax returns to make sure that they are accurate and on time.
You will normally be required to complete a self assessment tax return if any of the following apply to you:
- Self employed
- Company director
- Higher rate tax-payer
- Capital Gains, above the annual exemption
- The Inland Revenue specifically request a return from you.
Your tax liability is calculated based upon the information submitted on your tax return. Therefore it is essential that all sources of income are submitted on your return, including those on which tax has already been deducted so that your tax can be accurately calculated.
The Inland Revenue will calculate your tax liability if your return is submitted by 30 September, any returns submitted after that date and before the final deadline of 31 January will require the taxpayer to calculate their own liability.
We can help you with the preparation of your tax return and also notify you in good time of any tax or refunds due for payment.
For the latest financial news click the below links:
Today HMRC announced that Self Assessment clients will not receive a penalty for filing 2019-20 tax return late as… twitter.com/i/web/status/1…