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Online Accounts and Tax Return Preparation and Submission to HMRC for Individuals, Small to Medium Limited Companies, Partnerships and Charities. 2 Convenient Ways -Drop off or send your file via Contact form on this Website -Your tax assistant will prepare
Bookkeeping Services including: Bookkeeping Entries for Income and Payments Final Year End Accounts Payroll, GST, VAT Returns, Corporation Tax Self-Assessment Tax Return Statutory Accounts for Micro-Entity. Independent Accounts Examination Fully regulated and ICB supervised for MLR Registered Bookkeeping Practice
Get as much help and support with your tax return as you need. Your Tax Assistant will answer all your questions and will assist with preparation and filing of your accounts. If you think you have been overpaying in taxes
UK Tax Dates and Deadlines
- The tax year runs from the 6th April – 5th April
- Accounts of Self-Employed individuals need to be calculated according to these dates.
- Tax Returns can be submitted from first day of new tax year.
- 30 October last day for paying your Class 2 NIC(National Insurance Contributions).
- 31 October:
paper filing of tax return.
- 30 December: last day to choose to pay any tax due through PAYE code, for those who are also employed, but only if tax return is submitted before 30 December.
- 31 January
deadline for online self-assessment filing (method preferred by HMRC). It is also the deadline for paying any income tax due, Class 4NIC and your first payment on account for next year.
- 31 July due date of your second payment on account.
File your taxes on time.
- It is important that you file your tax return on time.
If you fail to file on time and pay any taxes you owe (including interest) you will be subject to the following penalties.
- Failure to send in the tax return by the required date – automatic penalty charge of £100 (even if the return is late by a single day)
- After 3 months – the late return may attract additional £10 per day penalty charge from HMRC.
- More that 6 months old returns – a further penalty may be applied equal to greater that £300 or 5% of the tax liability for the year.
- For a return late more than 12 months, a further penalty may be applied equal to or greater that £300 or 5% of the tax liability for the year.
- None of these penalties will be charges if the taxpayer has a reasonable excuse for a late submission, e.g. serious ill health.
2020 UK Tax-Saving Tips for Small Entrepreneurs
- • Submit your tax return on time and avoid late submission penalties
- • E- File your tax return and use The Tax Form Calculator to estimate your tax liability and a possible refund
- • Keep business and personal finances separate. Open a business bank account and you can deduct bank charge as an expense.
- • Invest in modern software and track your business mileage.
- • Submit a healthy tax return by deducting your private health insurance from your tax bill if you are a director of a limited company, insuring your employees, sole trader with employees or contractor working through a limited company
- • Tidy up your files and paperwork
- • Allocate money for tax each month
- • Set-up a retirement plan. If as self-employed you make contributions to an occupational pension scheme, such as Nest, the government backs them up by making additional contributions to the value of 25p for every contributed pound For the higher tax ratepayers there is additional tax relief.
- • Make sure that you claim all tax-deductible expenses. Below is a list of what you can claim.
|Working from Home Expenses|
|Mortgage interest or rent|
|Repairs and maintenance*|