Importance of Submitting Personal Tax Returns to HMRC before 31 Jan Deadline
The UK tax year starts on the 6th of April every year and finishes on the 5th of April the following year e.g. the tax year for 2013-14 would have started 6th April 2013 and finished on April 5th 2014.
Under current legislation, if you are a self employed sole-trader, partner in a business partnership, a company director or earn above £100,000 per annum then you will be required to submit a tax return to HMRC; unless you work for a non profit organisation in which you don’t receive pay or benefits e.g. travel expenses or company cars. If you are not sure of your situation then you should contact HMRC for further clarification.
There are three main deadlines to follow:
There are a few penalties and interest charges that with be applied if your tax returns are not received by the deadlines noted. If the final deadlines to file your tax returns are not met then you will get an initial fine from HMRC of £100. If there is continued failure to meet the deadlines then the following fines will be placed.
Also penalties can be issued for incorrect tax returns:
As each person’s situation is different and the tax rules and regulations regarding tax free allowances, income tax, inheritance tax, capital gains tax on property, stock and shares etc can be quite complicated. Therefore it is highly recommended that everyone should seek the help and support of an experienced and qualified accountant or tax advisor. A s a reputable firm of accountants such as Tax Affinity Accountants will usually save you far more money in saved taxes through their tax planning than they will ever charge. Leaving you more time and money to concentrate on your business.
By Mohammad Khan at Tax Affinity Accountants.
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