CHEPSTOW SMALL BUSINESS ACCOUNTANTS 

  

Tel: 01291 _630133

Mobile: 07967 _184129

Tax Returns - FREE MEETING

If you need to complete a personal, sole trader, partnership or company tax return for the current or an earlier tax year then please contact us by telephoning 01291 630133 and ask for a free quote or click on this link FREE MEETING and fill out the form.

 

We take away the worry and hassle of completing your self assessment tax return. We analyse your tax return to see if any tax savings can be made or tax allowances claimed. If a tax refund is due we will arrange for the rebate to be paid directly to you. We also look to see if there are any anomalies that need to be addressed before the return is submitted thereby reducing your risk of a tax enquiry.

 

Once you have told us your requirements we will charge you a fixed fee for our services.

At Chepstow Small Business Accountants we use HM Revenue & Customs approved software to:

  • complete your tax return   
  • calculate your tax liability or tax refund  
  • file your tax return online   

We will provide you with a copy of your tax return and let you know the amount of any tax that needs to be paid and when the payment is due. 

 

Deadlines for sending in your Income Tax Self Assessment Tax Return  

 

31 October: all paper returns

If you send a paper tax return it must reach HMRC by midnight on 31 October.

You only have longer than this if you received the letter, telling you to send a tax return, after 31 July. In this case you'll have three months from the date you received that letter.

 

31 January: online returns  

Your online tax return must reach HMRC by midnight on 31 January.

You only have longer than this if you received the letter, telling you to send a tax return, after 31 October. In this case you'll have three months from the date you received that letter.

There's an earlier deadline of 30 December if you want HMRC to collect any tax due through your PAYE (Pay As You Earn) tax code. You can only ask for this if you owe less than £2,000. Although HMRC will try to collect the tax due through your code, they can't always do so.

 

Penalties for missing the tax return deadline  

Length of delay  

Penalty you will have to pay  

1 day late  

A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.  

3 months late  

£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.  

6 months late  

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.  

12 months late  

£300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.  

 

Corporation Tax

If your company or organisation is liable for Corporation Tax, you must tell HM Revenue & Customs (HMRC) that it's liable, pay any Corporation Tax that's due and file a Company Tax Return on time.

Unlike Income Tax Self Assessment or VAT, where the dates for filing returns and making payments are usually the same, the deadline for paying Corporation Tax is before the deadline for filing your Company Tax Return.

If your company or organisation has taxable profits of up to £1.5 million, you must pay your Corporation Tax by the normal due date, which is nine months after the end of your Corporation Tax accounting period. For example, if your company's accounting period ends on 31 May, your Corporation Tax payment is due on or before 1 March the following year.

If you pay late your company or organisation will be charged interest on what you owe.

Deadlines for filing your Company Tax Return

You must file your Company Tax Return - which includes a Company Tax Return form and other supporting documentation - within 12 months of the end of your company Corporation Tax accounting period.

If you file your return late your company or organisation will be charged an automatic penalty, even if it does not owe any Corporation Tax.

Please note: from 1 April 2011, you must submit your Company Tax Return to HMRC online for accounting periods ending after 31 March 2010. Additionally your tax computations and, with very few exceptions, the accounts that form part of your Company Tax Return, must be submitted in Inline eXtensible Business Reporting Language (iXBRL) format.

You may have to meet these deadlines and requirements even if your company or organisation is not active or is dormant or has no Corporation Tax to pay. If you don't, your company or organisation may have to pay a penalty or may be charged interest. 

For a Free Initial Meeting

Please Phone

01291 _ 630133

or

click on the link below

FREE MEETING