Self Assessment Tax Returns

The UK has one of the most complicated tax regimes in the world, so even preparing the most straightforward tax return can be a minefield. We have the expertise to take the headache out of self assessment and can provide you with practical advice on the planning opportunities available to you.

Acting as your appointed agent we will complete and submit your tax returns using our own software and all the work can be done online if required. We can also deal with any queries arising and will review and advise on all correspondence received from HMRC.

MTD (making tax digital) is just around the corner, so it makes sense to get your tax affairs in order before then. MTD will be the biggest change to the self-assessment system since it was first introduced in 1996, so make sure you are ready for it!

There are a number of reasons why you may need to submit a tax return, the most of which are listed below:

• • You are self employed or are a partner in a partnership
• • You own a property in the UK or overseas which is being let
• • Your household received child benefit income and your own annual income is £50,000 or more
• • You have large amounts of savings or investment income
• • You have income from overseas
• • You have sold or given away an asset such as a holiday home or some shares
• • You need to claim some income tax reliefs such as travel expenses in relation to your employment

If you are not sure if you need to submit a tax return you can try out the HMRC tool to find out.

Due Dates

The tax year runs from 6^th April one year to 5^th April the next and this is the period covered on your tax return. All returns filed online are due by 31^st January following the end of the tax year (or 3 months after the return was issued if later). So, the tax return covering the period 6^th April 2021 to 5^th April 2022 is due together with any payment by 31^st January 2023.

Late returns will incur automatic penalties depending on how late the return is:

1 day late         £100 penalty even if there is no tax to pay

30 days late     payment 5% of the tax due

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       £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. This is in addition to the penalties above.

 ✓ Landlords                                                                                       ✓ Self employed

 ✓ Small Business Owners and Vat Registered Businesses          ✓ Contractors and CIS

 ✓ Partnerships                                                                                  ✓ Online service

ABM can help you with all of the above and more. Call for a quote on 01642 592802.