Personal Tax - Self Assessment Tax Return

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Self Assessment Cycle

Once again the Personal Tax Return deadline is fast approaching, as always the fiscal tax year runs from 6th April to the following 5th April with all returns that are required to be filed by no later than the end of January.

Therefore the latest tax year is 6th April 2021 to 5th April 2022, due by 31st January 2023. (and is 31st October 2022 for those still wishing to file in ‘paper’ format).

Personal tax returns are issued by HMRC to all self-employed sole traders/partners and all company directors. Those individuals who complete returns online are sent a notice advising them when their next return will be due.

If for some reason a taxpayer has not been issued with a tax return but knows they should have been then it is their responsibility to inform HMRC.

The one advantage to filing an SA return by 31st October is that the taxpayer can request for HMRC to calculate their tax liability for them and send out documented details. This is also the statutory deadline for making a return where you require HMRC to collect any underpayment through your tax code, known as ‘coding out’. Note though that whether you or HMRC calculate the tax liability there will be only one assessment covering all your tax liabilities for the year.

Late Filing Penalties And Interest

It is important to file SA returns on time in order to avoid HMRC’S late filing penalties, if they are not filed by midnight on the 31st of January an automatic fine of £100 is issued.

If a SA return is not filed until 3 months late a £10 per day penalty is added until a maximum of £900 is reached. After 6 months an additional £300 would be added or 5% of the tax due if higher.

If the return is over 12 months late a further £300 or a further 5% of the tax due if higher is added. Also, interest on any unpaid tax will start to accumulate from 31st January whether the return has been filed or not.

Keeping Records

HMRC requires good underlying books and records to be kept in support of the return and therefore regularly do random checks on taxpayers to ensure this is done.

Records required are of income (copies of sales invoices), expenditure (documented receipts) and, reliefs claimed (pension payments).

An accountant can help advise a suitable bookkeeping system based on your business trade, size and, status – they can also mostly provide a computerised bookkeeping service if you wish to have that support.

How We Can Help

If you are based in Liverpool or the North-West area, we can assist with the preparation and submission of your Personal Tax Return- helping with what you need to declare and what you are entitled to claim back.

Our accountants can also assist with providing links to make online payments and help confirm that the tax you will be paying is exactly correct, or if you are lucky enough to be receiving a refund ensure that all the money owed to you is repaid.

You are guided on the best way to structure your business and trading to complement your personal tax situation, based upon the latest legislation and best advice to optimise your position. You are advised on the pros and cons of being a sole trader, entering a partnership, forming a limited company, or for some, working within the Construction Industry Scheme (CIS). You can then make an informed choice, knowing your best interests are being taken care of, safe in the knowledge your tax returns will be prepared accordingly.

We can also work with you to complete a VAT return and we also have extensive knowledge on helping you pay corporation tax.

After signing up, we will guarantee to stop any penalties from accruing further and we will also make your tax efficient.

We Will:

If you are interested in using us as your accountants, feel free to contact us and we can offer you a free consultation so that learn more about the services that we offer.

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