Whether you're a company Director or a Sole trader/Partnership, you'll need to get your returns submitted by strict deadlines each year or HM Revenue & Customs will impose immediate penalties.
It can be stressful and difficult navigating your way through the minefield of Self Assessment returns, and a small mistake can lead to months of expensive headaches later on. Here's some of the information you'll be expected to provide:
Details of any income from employment (P60, P11D, etc.).
Interest or share dividends.
Full accounts of your business if you're self-employed.
Additional income from, for example, rent if you have a buy-to-let.
All information about deductible expenses like gift aid donations or pension contributions.
As your agent with HM Revenue & Customs, we'll fill in and submit your returns for you so you'll never need to worry about missing a deadline or filing an inaccurate return. We can even talk you through all the expenses which are tax deductible, thereby making sure you're never paying too much tax.
You must be able to provide records of all information used to complete your tax returns two years after the end of the tax year. Self-employed and those having income from letting out a property have to keep their records for six years.
Even if you're not working for yourself, you may have to fill in a Self Assessment return if you've got any other income which isn't taxed at source. It's worth getting advice if you think you might qualify.
Your return can be submitted either online or on paper, although there are fixed submission dates for each method.
31st of October for paper returns.
31st of January if you're submitting online.
There is a £100 fine for filing even a single day late.
Delaying longer could add up to £900 in penalties over three months.
Not being able to provide the necessary paperwork could cost you a fine of up to £3,000 for each year without records.And that’s before you take into account any tax paid late!