Questions about filing your tax return? You’re not alone! Millions of people complete the process each year, but it can still be confusing. As experienced providers of tax advisory services in Peterborough, we are here to help you make sense of your tax return.
Who needs to submit a return?
First of all: who needs to file a tax return? If you are self-employed or run a business, earn income through property, or earn money from savings and investments; you will need to file a return.
Those are just a few examples, and if you aren’t sure if you need to file a return or not, we recommend reaching out to HMRC to make sure that you are declaring your income in the correct way. We predominantly help local business owners and sole traders file their returns.
What you need to include
Once you have registered for Self-Assessment and the time comes to file your first return, the real work begins. If you have earned money from being a company director or from self-employment, then you will need to submit all financial information you have regarding this. Don’t forget to declare any other income – such as rental income from properties you own or overseas earnings.
You will also need to include details of the following in your return:
• taxed and untaxed income (dividends and interest)
• pension contributions
• charitable donations
• any benefits you have received e.g., State Pension
Dates to remember
Now that you know what to include in your return, you’ll want to know when you have to file it by. The good news is that the deadlines remain the same year after year, so the dates are easy to remember. You will need to:
• register for Self Assessment by 5 October (if filing a return for the first time)
• submit a paper return by midnight 31 October
• submit an online return midnight 31 January
• pay the tax you owe by midnight 31 January
If you fail to file a return or pay the tax you owe in accordance with the above deadlines, what are the consequences? You will have to pay a penalty of £100 if your tax return is up to 3 months late, and that will increase once those three months have passed. You will also be charged interest on all late payments.
We’re here to help
All of this may seem a little daunting, but we are here to help. We have years of experience when it comes to helping clients in Peterborough complete and submit their tax returns, and can make the process really simple and straightforward for you. Handing over the reins to someone else gives you two things: less stress, and more time. You will be able to dedicate your time to the things that matter to you, free of the distraction of worrying about your tax return. We are here to do all the hard work for you!
Keeping you and HMRC on good terms
Tax laws change all the time, but unless you are an avid follower of financial news you will probably miss some of those changes. Many of them won’t affect you – but getting caught out could be costly. Here at Linda Carr Accountants, we have extensive knowledge when it comes to all tax laws in the UK, and will work in full accordance with them to ensure that your return meets all the necessary criteria.
Our knowledge of current UK relief schemes also means that we will be able to spot ways to help you reduce your bill.
Find out more today
We will ensure that your return is filed well ahead of time, and that any tax you owe is calculated correctly and then paid in full. If you want to find out more about us and the services that we offer, then please get in touch today. We will answer all of your questions and tell you what your next steps should be.