‘Tax Doesn’t Have To Be Taxing’… but unfortunately it still is, and it’s becoming increasingly taxing thanks to an ever more complex system. But there is a better way.
Self Assessment can be a time-consuming and confusing business for busy individuals, so why not let the experts handle your tax return this year? When you have an accountant’s help to complete your tax return you’ll save your valuable time and also potentially save yourself from over-paying tax.
Hundreds of thousands of taxpayers are penalised by HMRC each year for simple mistakes such as missed deadlines, incorrect tax returns, and missing records.
At Warr & Co we work to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment Tax Return service, including the following:
- Liaising with your bank, building society, stockbrokers etc, to gather the relevant data for your annual returns
- Calculating your tax liability
- Completing and filing your tax return on your behalf
- Advising you when various payments are due and how much to pay
- Advising on appropriate record retention
- Introducing you to any relevant tax saving ideas
- Representing you in the event of your being selected for investigation by HMRC
Self Assessment Tax Return Services
at Warr & Co Chartered Accountants
Self Assessment Tax Return Advice
Self Assessment isn’t always as straightforward as we hope. And the chances are, if you’re completing a Self Assessment Tax Return you have better things to be doing with your time. That’s why the Individual Self Assessment Tax Return service we offer is one of our most popular. If you’re looking for Self Assessment help then please remember to book your tax return in with us far in advance of the deadline. We advise new clients to contact us no later than November for help with their January returns.
Here are a few useful tips for anyone trying to complete their Self Assessment Tax Return, or looking for help in doing so.
The tax year starts on the 6th April and ends on the 5th April every year. Typically you pay your tax between November and January for the previous tax year. For example, in January 2020 you will pay tax owed on income earned between April 2018 and April 2019.
There are other deadlines related to Self Assessment in particular circumstances only; your accountant will be able to advise you if any of these should apply to you.
- Registering for Self Assessment – 5th October
- Paper Tax Returns – 31st October
- Online Tax Returns – 31st January
- Pay All Tax Owed – 31st January
- Optional mid-year Payment On Account – 31st July
If you have any income that is not PAYE (ie: paid via employment with a company) then you will need to complete a self assessment tax return.
PAYE pay has the tax deducted from it before your salary is paid into your account, you’ll notice this on your pay slip. If you have any other taxable source of income then you will need to register for Self Assessment and complete your annual return to pay the tax you owe.
Register for Self Assessment if…
One of these applies to you:
- You are self employed
- You are a director of a Limited Company
- You are a minister of religion
- You are a landlord or rent a room online, eg AirBnB
- You collect an income from savings or investment
- You have a secondary overseas income
Missing your Self Assessment deadline will result in an automatic penalty. You will continue to incur penalties for each day that your tax return is late, up to a set amount. There are various penalties surrounding non-compliance, so the best approach is to make sure that your tax return is in before the deadline, and that you can pay the tax you owe before the deadline.
Things to consider…
- Late submission – £100
- Late submission continued – £10 per day up to a maximum of £900
- Late submission 6+ months – additional penalty of 3% or £300 (whichever is greater)
- Late submission 12 months – another £300 on top of the above listed penalties