UK SELF ASSESSMENT TAX RETURNS

 

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Introduction

Self-employed taxpayers, company directors and taxpayers with complex tax affairs are usually required to submit a self-assessment tax return. We can prepare your tax return for you and will tell you what information we need from you to do this. We will also ensure that the return is completed with all relevant offsets, expenses, allowances and tax reliefs as necessary.

Self-assessment tax returns

Tax returns are issued annually following the end of the tax year on 5 April. Tax returns have to be submitted by the following 31 October in paper form and by 31 January using an online submission facility.

Landlords

We are specialised in assisting Landlords complete self-assessment UK tax returns.

There are various allowable expenses Landlords can claim for and some are listed below:

  • letting agents’ fees

  • legal fees for lets of a year or less, or for renewing a lease for less than 50 years

  • accountants’ fees

  • buildings and contents insurance

  • interest on property loans

  • maintenance and repairs to the property (but not capital improvements)

  • utility bills, like gas, water and electricity

  • rent, ground rent, service charges

  • Council Tax rates

  • services you pay for, like cleaning or gardening

  • other direct costs of letting the property, like phone calls, stationery and advertising

Please get in touch by calling us on 01332 492 101, so we can assist you.

Our Prices are below for Landlords based on per tax return:

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Late filing penalties

There are automatic penalties for the late filing of tax returns.  The penalty regime changed with the submission of the 2010/11 self assessment returns.

The main features of the new penalty regime are as follows:

  • From day one: taxpayers will be charged a £100 penalty even if they have no tax to pay or have paid any tax due on time. Previously a penalty was only charged if there was unpaid tax.

  • From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.

  • From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300

  • Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.

Paying tax you owe

Karia Accountants will work this out for and check HMRC’s figures, which are not always correct.

HMRC enquiries

HMRC can make enquiries to check that a return has been correctly completed within 12 months following the date the return was due or 12 months following the date the return was submitted, if later. No reason needs to be given for an enquiry nor does it mean that the return is incorrect.

If no enquiry is made by HMRC the return will not be subsequently examined except where the taxpayer makes an error or mistake claim or HMRC later discover that there was something wrong with the tax return. There are strict rules as to when HMRC can do this although taxpayers have less protection in this regard than used to be the case.

Determinations

If no return is submitted, HMRC can estimate the tax that a taxpayer should pay. This estimated amount is payable by the taxpayer without the right of appeal but will be super ceded and any excess refunded if and when a self-assessment return is submitted.

Records

All records relating to tax returns should be held for one year. In addition, records relating to trading or rental income should be held for a total of 5 years and 10 months.

For the self-employed the records that must be retained usually include the following:

  • a record of sales, with copies of any invoices you’ve issued

  • a record of business purchases and expenses

  • invoices for business purchases and expenses

  • details of amounts you personally paid into or taken from the business

  • copies of business bank statements
     

For employees and directors the records will usually include some or all of the following:

  • Interest and dividends

  • Tax deduction certificates

  • Dividend vouchers

  • Gift aid payments

  • Personal pension plan certificates

  • Details of payments made for business expenses

  • Share options awarded or exercised

  • Deductions and reliefs

How we can help

We would welcome the opportunity to assist you in completing your annual tax returns or resolving any disagreements you may have with the taxman (HMRC). Please contact us for an initial consultation to discuss your requirements free of charge.

Please call 01332 492101 to discuss your requirements.