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Taxation

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Self Assessment Tax Returns

Your tax return must be filed by 31st January following the end of the tax year. There are a number of reasons to use a tax specialist like Kirk Rice.

Not only can an incorrectly completed tax return end up costing you money – there are also the late submission penalties and interest payments to be avoided.

Perhaps more importantly, our tax specialists will help you reduce your tax liabilities. After all, tax law is extensive and complex and most non-professionals are likely to overlook certain deductions.

So whether you are an individual, partnership or a trust, Kirk Rice will help you avoid the stress of the last minute scramble – and make sure you don’t pay too much. Using the latest technology, our taxation specialists will process your tax return quickly and effectively.

There are four simple steps:

  1. We’ll prepare your Income Tax Return using the latest technology
  2. We’ll then calculate your tax liability
  3. Once that’s done, we complete send the tax return to you by email for approval and an e-signature
  4. We submit your completed return to HM Revenue and Customs

Our service doesn’t end there. We will diary the dates that your next return is due and contact you well in advance. This way you don’t have to worry. We will also check and agree HM Revenue and Customs demands and tax codes on your behalf.

 

Penalties for submitting a late tax return

Return overdue Penalty
Tax return submitted up to three months late £100
Tax return submitted more than three months late £100 (plus £10 per day up to a maximum of £1,000)
Tax return submitted more than six months late £1000 (plus the greater of £300 or 5% of the tax liability)
Tax return submitted more than 12 months late £1000 (plus up to 100% of the tax liability)                                     

Penalties for making a late tax payment

Tax overdue Penalty
30 days 5% of tax overdue
Six months A further 5% of tax overdue
12 months A further 5% of tax overdue
Click here to view our Free Personal Tax Self Assessment Factsheet.

 

Scenarios

Tax On Commission

I work in sales and recently I secured a big sale for my company which will result in a large commission for me. This will propel my total income to in excess of £100,000 this year. I understand that this may result in me losing my personal allowance. Is that right and can I do anything about it?

Click here to read Graham Jennings response