Self-assessment puts the onus of calculating and paying what tax is due onto the taxpayer. For personal self assessment and partnerships the last online filing date – as well as the balance of any tax due – is 31st January following the end of the tax year.
Completing the SA 100 self assessment tax return and all relevant supplementary pages can be onerous, especially if you receive income from numerous sources. Tax legislation continues to evolve and the tax return can change each year, and you may not be aware of what reliefs may be available to you or the correct tax treatment of specific transactions.
We specialise in completing self assessment tax returns including:
- Sole traders
- CIS scheme workers
- Sub contractors
- Agency workers
- Seasonal workers
It is the taxpayers responsibility to ensure compliance with all the applicable tax law – ignorance of the law is not a defence. HMRC have wide ranging powers to issue penalties, surcharges and add interest to any tax due. For example, HMRC will issue an automatic late filing penalty of £100 per personal return and £100 per partner for a partnership return. If the tax return is submitted more than 6 months after the last filing date, there is a further automatic late filing penalty of £100 per individual or per partner. At iC we will help you keep compliant thus keeping HMRC onside.
Submitting your return early means that you will know what your obligations are well in advance, and can budget for what you owe over 11 months – or, if you are due a rebate, you should receive what is due to you sooner rather than later.
We can act as your agent, dealing directly with HMRC on your behalf and can act for you in the event of any self assessment enquiry. Preparing your return also enables us to highlight any opportunities to make your finances more tax efficient.
Contact our tax team for advice regarding Self Assessment and all other income tax matters.