Here at S Smith & Co Accountants in Scunthorpe, we can prepare your tax return on your behalf and ensure you are aware of any potential tax liabilities within a good time, to prevent any late payment penalties.
All Self-Assessment tax returns are issued after the end of the tax year, which runs from 6 April to the following 5 April. The Self-Assessment tax return is then due to be filed to HMRC by the following 31 January, with any tax liabilities also due to be paid by this date. Tax returns will be issued to all those whom HMRC are aware need a return.
There are various reasons as to why individuals will need to complete a Self-Assessment tax return, the below being some of the most common reasons;
If you do not submit your personal tax return on time to HMRC, a £100 late filing penalty will be issued immediately after the due date for filing, even if there is no tax liability to pay.
MTD for ITSA will apply from 6 April 2024 for unincorporated businesses and landlords with total business or property income above £10,000 per year. Most businesses will have over 2 years to prepare and test the service voluntarily prior to its introduction.
Businesses and landlords who join MTD for Income Tax will need to send a quarterly summary of their business income and expenses to HMRC using MTD-compatible software. In response they will receive an estimated tax calculation based on the information provided to help them budget for their tax. At the end of the year, they can add any non-business information and finalise their tax affairs using MTD-compatible software. This replaces the need for a Self Assessment tax return.
The deadlines for finalising tax affairs and making payments are not changing. Businesses and landlords will be able to use their software to send all of the information that they need to under Self Assessment, not just their business or rental income. This includes employment income, bank and building society interest, dividends, pension contributions, student loan repayment etc. Software developers will need to continue to build this additional functionality into their products, resulting in a richer experience for customers as MTD continues to develop.
We do not just complete and submit your return, our team of accountants can advise on your tax liabilities, identify suitable tax planning opportunities and deal with HMRC queries for you. We ensure all returns are correctly completed and filed on time. To receive a fixed quotation for the completion of your Self-Assessment Tax Return at S Smith & Co Accountants in Scunthorpe, Epworth & Brigg please contact us on Scunthorpe 01724 848343.