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Who are we?
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SELF ASSESSMENT
Will HMRC send me a request to submit a Self-Assessment?
Not always, but you should receive a request if:
You have untaxed income, from investment, land/property, or from overseas.
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You were required to fill in a tax return the previous year.
You are a high earner, with income exceeding £50,000.
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If HMRC do not send you a request to complete a Self Assessment, you may still have an obligation to register for Self Assessment.
What period does the Self-assessment cover?
Your self assessment covers a period of 6th April each year, to the 5th April the following year, in line with the fiscal year. This can be changed, to suit your business or trading requirements, but unless otherwise stated you should assume this as your accounting period.
You have until the 31st October each year following the end of the period to submit your self assessment to HMRC in paper format. For online filing, which is the method more commonly used now, HMRC have extended the deadline to the 31st January.
You have 9 months to file your self assessment and pay any taxes/national insurance due.
What will happen if I don't fill in a Self-assessment?
If you have been requested to submit a self assessment, and do not complete this, HMRC will issue you with a penalty. How severe this is generally depends on the time lapsed from the deadline date, and the amount of unpaid tax that would have been due.
Please note that late Filing Penalties and Late Payment Penalties apply separately.
£100 penalty immediately after the due date for filing (even if there is no tax to pay or the tax has already been paid to HMRC), this is a penalty solely for not submitting the self assessment document. For online filing this is 31st January every year.
Over 3 months late - a £10 daily penalty up to a maximum of £900
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Over 6 months late - an additional £300 or 5% of the tax due, if higher than £300
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Over 12 months late - a further £300 or a further 5% of the tax due if higher than £300
CONTACT US NOW FOR A FREE CONSULTATION
DO I NEED TO COMPLETE A SELF-ASSESSMENT TAX RETURN?
If you can tick any of the following, then you need to
You're Self Employed
You're a Landlord or receiving income from property.
You're a Business Partner
You're a Director of a Ltd Co
You're an employee or a pensioner with an annual income of £100,000 or more
You're an employee who has expenses to claim
You have pre-tax investment income of £10,000 or more
Your income (or your partners income) was £50,000 or more, and you receive Child Benefit
You have income from abroad that you need to pay tax on
You were a trustee of a trust or a registered pension scheme, and you received a P800 form from HMRC.
You have sold assets (property/shares in business, etc) and have Capital Gains Tax Due
CALL US NOW IF YOU ARE STILL UNSURE
SO HOW CAN ROUTE1ACCOUNTING LTD HELP YOU?
If you are not yet registered for Self Assessment, we can organise this for you, and walk you through the process of setting up your personal tax account with HMRC.
If you are already registered with HMRC for Self Assessment, it is a simple process of getting you registered as a client with us, and submitting a 64-8 Agent Authorisation request to HMRC which will allow us to file your documents with HMRC and speak to them on your behalf.
We will then carry out a fact finding process with you to establish the income/expenditure you had for the year and request the various documents to support this, we will compile your records into an orderly manner and create a detailed log of your income and expenditure.
We use this information to prepare the relevant documents to accompany your Self Assessment and calculate your tax liability or refund. Throughout the process we will keep you updated and advise you of the expenses you are allowed to claim and the tax implications specific to your individual situation.
We prefer to meet our clients in person to review the information, explain your liability/rebate, and discuss your tax implications for future years to maintain your compliance with HMRC guidelines.
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