Self-Assessment Tax Returns
Avoid Penalties with Our Company Tax Return Services
We understand the significance of adhering to tax obligations, which is why we offer our clients the requisite expertise to comprehend the potential penalties that may be imposed for non-compliance. Our self-assessment tax return service fully supports you in meeting your obligations.
You are responsible for ensuring that your tax liability is accurately calculated and that any tax owed is paid on time. However, we understand that this can be challenging without experience, so we can prepare your tax return on your behalf and advise you on the payments that you may need to make to HMRC.
Understanding The Self-Assessment Cycle
Develop a better understanding of filing your self-assessment and receiving tax returns.
Tax returns are issued after the fiscal year ends, which is from 6th April to 5th April. You are expected to file your self-assessment online before January 31st.
At Tax Driven Accountants, we will help you better understand the self-assessment cycle, including how to complete it, calculate your taxable income, and whether or not to expect a tax return. Whether you are a sole trader, a small business, or need help with corporate tax returns, our team can help. We offer expert company tax return services to make sure you meet all HMRC requirements.
Avoiding Penalties
Late filing of personal tax returns can result in penalties.
If you fill in your self-assessment late, you should expect to pay a penalty fee of £100. The additional charges that you should be aware of for late repayment include:
- Over 3 months late – a £10 daily penalty up to a maximum of £900
- Over 6 months late – an additional £300 or 5% of the tax due if higher
- Over 12 months late – a further £300 or a further 5% of the tax due if higher. In severe cases, there is a penalty of up to 100% of the tax due.
Calculating the tax liability and ‘coding out’ an underpayment
Taxpayers can request that HMRC calculate their tax liability prior to the payment deadline. The tax return must be completed and submitted by 31st December following the relevant fiscal year. This date also serves as the statutory deadline for filing a return when a taxpayer wishes HMRC to address any underpayment of tax through adjustments to their tax code, a process commonly referred to as “coding out”.
What's Involved
Tax Return Preparation
We offer comprehensive services for the preparation of your tax return on your behalf, as well as providing guidance regarding the appropriate payments on the account that should be made.
Enquiry Support
Though rare, enquiries into your tax return may be made. We will support you in answering any questions that HMRC may have and ensure that you are protected.
Record Keeping
HMRC may wish to verify the existence of supporting documentation for a tax return if it inquires about it. We will help you with record keeping to ensure that you have all of the relevant information ready.
FAQS
What records are required for an HMRC enquiry?
You will need to keep records of the following information;
- Payments made for business expenses
- Share options awarded or exercised.
- Deductions and reliefs.
- Invoices, bank statements and paying-in slips.
- Invoices for purchases and other expenses.
- Details of personal drawings from cash and bank receipts.
When will HMRC reach out about any enquiries?
The time limit for HMRC to make enquiries is generally 12 months following the filing date.
What happens if a mistake is made on a self-assessment?
HMRC may correct a self-assessment within nine months of the return being filed in order to correct any obvious errors or mistakes in the return.
At Tax Driven Accountants, Our Priority is to Offer Fair Pricing and Deliver Fantastic Results For All Our Clients.
Experienced
Our enthusiastic staff has years of experience and knowledge. We’re here to provide excellent service and expert guidance every step of the way to ensure that you receive the best possible advice.
Trustworthy
We know how time-consuming running a business can be, so rest easy knowing that a team of expert accountants will keep your accounts and tax affairs in check.
Qualified
All of our staff are fully qualified experts in their field, so you can trust that you are receiving sound, educated advice that you can act on.
