For those who are self employed, a Self Assessment is the process by which you advise HM Revenue & Customs (HMRC) of your income, gains and relevant expenses for a tax year.
Few people look forward to filing their tax return, whether online or on paper. It’s important to consider which expenses you can claim for, calculate your tax liability and understand when and how to pay any tax that may be due. Recent changes to the dividend allowance and to rental property tax allowances may also affect how you fill out your tax return.
With all this in mind, the process can often feel quite daunting. Seeking professional guidance is a good way to feel assured that you are getting your Self Assessment right. It also helps give you the confidence that you are fully maximising your tax savings.
There are a number of key tax dates and deadlines to be aware of across the next year:
Those who have to submit a Self Assessment tax return should keep a note of these dates. With the 30th December and 31st January creeping up fast, it can be easy to leave things to the last minute and not give yourself enough time to get prepared.
If you miss the deadline for submitting or paying your tax bill, you will get a penalty; submitting your tax bill 3 months late could see you faced with a £100 fine. This will increase the later it is submitted. With this in mind, it’s always a good idea to get your tax return sorted out sooner rather than later.
Today, more and more emphasis is being put on taxpayers’ individual responsibilities. Everyone who is subject to taxation will strongly benefit from professional advice and support if they are to minimise their tax burden whilst meeting the compliance requirements. The Clayton & Brewill team can help you to prepare and file your tax return quickly and efficiently. It’ll cost less than you expect – and we might even be able to reduce your tax bill.