We offer Tax planning in order for you to remain compliant with your Self Assessment Tax Return.

UK Self Assessment Tax Return

31 January is the deadline for filing online self assessment tax returns.

Managing your tax affairs and keeping abreast of all the latest tax rules can be a challenge. A source of clear, practical and professional tax advice is imperative in ensuring regulatory compliance, minimising your tax liability and protecting yourself from any penalties.

You are required to complete a self assessment tax return if you:

  • Have become a company director
  • Receive income from land and property in the UK
  • Receive taxable foreign income in excess of £300 a year
  • Receive annual income from a trust or settlement
  • Your employment income is going to exceed £100,000
  • You have been receiving untaxed income that cannot be collected through your PAYE code
  • Have capital gains tax to pay

We have a dedicated self assessment tax team that will work alongside you in making sure your online self assessment tax return is completed accurately and submitted promptly.  Most importantly, our team will ensure that your online self assessment tax return is done and submitted to the tax authorities by 31 January which is the absolute final deadline.

Following this date, if you fail to submit your online self assessment tax return, you will be required to pay a tax authority imposed initial fixed penalty of £100 which increases with further delay as well as late payment interest.  As part of our ongoing management of your self assessment tax affairs, we will provide you with a proactive and personal service in developing a tailored tax planning solution that complies with regulations, maximises your wealth and ensures that you are fully prepared to meet all deadlines in the future.

Missed Deadline

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay. This is why it is imperative that you pay the tax as soon as you can. The information below details the penalties you will have to pay if your tax return is late. If a Partnership tax return is late, then each partner will be required to pay the penalties shown below.

Penalties for missing the tax return deadline:

Length of delay
Penalty you will have to pay
1 day late
A penalty of £100. This will apply even if you have no tax to pay or have already paid the tax you owe.
3 months late
£10 for each following day - up to a 90 day maximum of £900. This is in addition to the fixed penalty above.
6 months late
£300 or 5% of the tax due, whichever is the higher. This is in addition to the penalties above.
12 months late
£300 or 5% of the tax due, whichever is the higher.

In extremely severe cases, you may be requested to pay up to 100% of the tax due instead in addition to the penalties above.

Interest & Penalties

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay.

Penalties for paying late:

Length of delay
Penalty you will have to pay
30 days late
5% of the tax you owe at that date.
6 months late
5% of the tax you owe at that date including the 5% above.
12 months late
5% of the tax unpaid at that date including the two 5% penalties above.

The penalties above do not apply to any payments on account that you pay late.

Interest Charges

Until HMRC receive your payment, you will be charged interest on anything you owe and have not paid, including any unpaid penalties.

From
Late payment %
Repayment %
29 Sep 2009
3.00
0.50

How we can help you

We understand that managing your tax affairs and keeping on top of all the latest tax rules can be challenging. We have a dedicated personal income tax team who can support you in all aspects of managing your tax affairs, including self assessment. As part of our on-going management of your self assessment tax affairs, we will provide you with a proactive and personal service to develop a tailored tax planning solution that complies with regulations, maximises your wealth and ensures that you are fully prepared to meet all self assessment deadlines.

If you are interested in any of our services and would like to book a free consultation to discuss how we may be able to assist you, please contact Daniel Mould or Ruairi Laughlin-McCann..

Daniel Mould | Accountant

Daniel Mould
Qualifications: FCCA CMgr MCMI
Position: Practice Manager
Contact: daniel.mould@atcsolutions.com

Ruairi Laughlin-McCann

Ruairi Laughlin-McCann
Qualifications: ACIS
Position: Director
Contact: ruairi.laughlin-mccann@atcsolutions.com

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