Self Assesmnet Tax Return – Deadlines and Penalties

Deadlines and Penalties If you receive a Tax Return, you are legally obliged to complete it, even if you think it is not relevant to you. If you do not submit a completed Tax Return, you will be fined and HMRC may issue an estimated tax bill (called a ‘determination’). This estimated bill will stand until you send in the completed Tax Return. You have only three years from the 31 January filin...
Read More

I don’t know if I need to complete a Tax Return ?

HELP WITH YOUR SELF ASSESSMENT TAX RETURN  HM Revenue and Customs sends Tax Returns – or a notice to file on-line – to everyone in the Self-Assessment system in April / May every year. If you receive a tax return, or a notice to file on-line, you must complete a return and submit it to HMRC. This is so even if you are an employee and all your income is taxed under PAYE. The only exception t...
Read More

Don’t delay your Self-Assessment Tax Return?

Have you filed your Self-Assessment Tax Return? The deadline of the 31st January 2017 is fast approaching for filing 2015/16 Self Assessments online, thousands will probably file late and will leave filing until January. Even though we’ve had from April to do so, most of us wait until the last two months and take it right up to the wire! As per HMRC statistics 51%of returns were filed in Janua...
Read More

Tax evasion or tax avoidance?

What is tax evasion? The majority of businesses and individuals in the UK pay the correct amount of tax, and do so in a timely manner. A small minority don’t, taking part in either tax evasion or tax avoidance. This contributes to the tax gap, which is the difference between the amount HMRC expects to collect and the actual amount collected. There are other reasons for the tax gap aside from eva...
Read More

Tax reduction strategies for small business

Strategic tax planning is a crucial step for a small business owner, reducing the end of year tax bill wherever legitimately possible. There are so many types of tax relief, expenses claims and allowances, that it is easy to miss out on some tax savings. Travel and subsistence During the course of your business, you will probably be required to make a number of journeys to attend training events...
Read More

A Pre-April Tax Health Check

February and March can be busy and useful months in the world of a tax compliance worker as we look to tax planning opportunities that can be fulfilled before the start of the new tax year. Pre April tax planning is a useful and potentially tax efficient way to review your financial situation and take advantage of any opportunities that may arise before 5 April. Due to the anomalies of the tax ...
Read More