Self Assessment And 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:
- We’ll prepare your Income Tax Return using the latest technology
- We’ll then calculate your tax liability
- Once that’s done, we complete send the tax return to you by email for approval and an e-signature
- 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 |
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Scenarios
Self Assessment Tax Return?
A friend recently submitted their Self Assessment Tax Return and said I should complete one. I think my tax affairs are simple; I am a higher rate tax payer but taxed via PAYE. I do have a small amount of interest from a savings account, dividend income from shares and I also regularly invest in to a Pension. This all seems straightforward but are they right, do I need to complete a Self Assessment Tax Return?
Mr J.D.
