Do you need to prepare a self assessment tax return?
At Perrys we offer our clients exceptional experience and knowledge to assist in their personal tax affairs, taking the stress away from preparing and submitting the dreaded (dare I say it) personal tax return!
A self assessment covers a complete tax year from 6 April to 5 April and can be submitted by post by 31 October or electronically by 31 January following the tax year passing.
Common reasons that will require you to prepare a self assessment are:
You had taxable income over £100k
You or your partners taxable income was over £50k and Child Benefit was claimed
You were self employed
You were a company director
You lived abroad but had a UK source of income
Made a gain on the sale of shares, second property or other chargeable assets
You may need to register for self assessment due to the reasons mentioned with the Revenue or already be within self assessment, receiving written notification to complete a return following the end of the tax year.
Penalties will arise on the late submission of a return initially starting at £100 for 1 day late, increasing to up to £1,300 for each tax return outstanding. The Revenue will also apply late payment interest and late payment penalties should any liability due not be settled on time.
Perrys will be able to provide you with profesional and specialist advice to ensure your personal tax affairs are in order. We also offer a number of other services including Wills and Inheritance tax planning along with our accounting and corporate tax function and so please do contact your local branch to see how we can help you.
Article written by Alex Skinner