Deadline: 31/10/16 for Paper Tax Returns
For everyone already registered with HMRC for the tax year 6/4/15 to 5/4/16 they are required to submit their paper tax return by the 31st October 2016. And then to pay all tax and National Insurance payments for that period by the 31/1/17.
So if you have to declare a tax return for 2015/16 year then we urgently recommend you contact a reputable and experienced tax accountant like Tax Affinity Accountants (one of the most highly recommend companies in the accounting industry) as soon as possible.
It is of course possible to submit a tax return yourself and HMRC will direct you to do this, but what they purposefully fail to clarify is what various expenses and industry specific allowances are allowed to be claimed as legitimate deductions to help decrease your tax bill.
And a good accountant, as any successful business person will tell you, is usually worth his/her weight in gold when it comes to getting your numbers right and paying the correct and least amount of tax.
At Tax Affinity Accountants our motto is that 'an accountant should legally save you far more in tax than they should ever be charging for their service' ensuring every client gets the very best service at a fair and reasonable cost. So our service more than pays for itself for all our clients.
So if you have to do a 2015/16 tax return (or any other year) and would like us to help you. Or are already one of our very satisfied customers then please get in touch with us as soon as possible and avoid the late rush and have the most time put into your accounts.
HMRC has dramatically increased the number of raids on business premises in the last year as part of further criminal investigations into taxpayers.
After receiving extra resources by the UK Government, HMRC have searched over 761 premises, an increase of over 28% on the last year. They are clearly actively looking to secure more prosecutions for tax evasion.
With a search warrant granted by a judge or magistrate HMRC now has the power to raid suspected premises, to try to seize vital evidence to help it secure a prosecution for tax evasion.
And Limited companies are not off the hook either, as there is a HMRC proposal for a new corporate offence to be created, which would hold companies criminally responsible if they do not prevent staff, contractors etc from trying to commit tax evasion. Currently the UK government is reviewing responses to its consultation paper on the draft legislation.
And as a tax evasion investigation can be typically complicated and very time intensive. Due to people often using elaborate ways to cover up their tracks. The best way is for HMRC to have a 'shock and awe tactic' that gets them first hand access to all personal files, emails/texts etc searching an individuals homes or business.
So we recommend all business owners to be aware and to ensure they are complaint at all times with the current rules and regulations avoiding illegal tax avoidance schemes and practises.
There are plenty of legal ways to use current tax allowances and permitted deductible expenses that an expert Tax Accountant like Tax Affinity Accountants can help you fairly minimise your tax bill. So if you feel you need any advice feel free to contact us and we would be happy to help and guide you as best we can.
By Anni Khan at Tax Affinity Accountants
Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.
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