Self-Assessment Tax Returns
We prepare Tax Returns for individuals, partnerships and trusts. We also prepare tax repayment claims for individuals.
As well as preparing your Tax Return, we will review your tax position and advise you of claims you could make, tax reliefs available and planning for certain transactions.
If you have losses or make Gift Aid payments we will review your income in prior years and recommend the most effective use of these.
If you are an investor then we will maintain a record of your acquisitions and forewarn you of the capital gains tax liability on the sale of such investments.
As an employee you may be receiving benefits from your employer that prove expensive from a tax perspective, or conversely you may incur employment related expenses for which tax relief is due. Either way we will advise you.
Penalties for overdue tax and the late filing of Tax Returns
For Tax Returns, for which the normal due date for filing is 31 January, a penalty is levied irrespective of whether tax is payable.
A £100 late filing penalty applies. If the Tax Return is submitted after 1 May then an additional penalty of £10 per day applies from this date up to a maximum of £900. If the Tax Return is submitted after 1 August then a further £300 penalty applies or 5% of the tax due, whichever is the higher. The August penalty is applied again if the Tax Return is not submitted by the following 1 February.
Hence a taxpayer's Tax Return that is one year and a day late for which no tax is due will be penalised £1,600 unless a reasonable excuse is accepted by HM Revenue and Customs.
HM Revenue and Customs will charge interest on the late payment of any tax due. If the payment is more than 30 days overdue a penalty equal to 5% of the tax due is added. This is increased to 10% if the payment is more than six months late and 15% if more than 12 months late.