‘Self Assessment’

Act now to file your tax return

Tuesday, January 15th, 2013

If you’ve just realised you are required to submit your tax return for 2011/12 and have done very little about it, you are not alone! The 31 Jan 2013 deadline is fast approaching but if you act now, you stand a good chance of submitting everything in time.

The deadline for paper returns has long since passed and so online is now your only option.

If you haven’t already done so, you’ll need to register for self assessment and this can be done online with HMRC. You’ll receive your Government Gateway info through the post and can then go ahead and prepare  and submit your online tax return.

Whilst you’re waiting in those initial few days for HMRC to process your SA registration, start to get your accounts ready now. Some things to consider for even the most straight forward tax returns may be:

  • locating your P60 slip/s (issued on receipt of employment or pension income)
  • finding receipts for expenses such as assets purchased, utilities bills, stationery, printing fees etc
  • compiling a mileage expense log for each month
  • digging out any invoices you’ve issued and totalling up for the year
  • dividend income on share portfolios – see dividend vouchers

You may have more complex affairs, including overseas interests or capital gains issues which requires input from a professional accountant.

Act now and you may just avoid the £100 late filing penalty.

Good luck!

Curo

January 2013

 

 

 

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Only 2 days to file your paper tax return!

Monday, October 29th, 2012

If you’re not a convert to filing your tax return online, you’ve got until the end of this Wednesday to file your tax return in paper format for the tax year 2011/12.

If you’re late, don’t despair! You still have until 31 January 2013 to file your return, either via HMRC’s software or through an agent. 

For those who’ve decided to file online for the first time, make sure you register with HMRC with plenty of time to spare before the deadline.

Whatever happens, just don’t leave it until the end of January and risk an automatic fine – you’ve worked hard for that income so don’t let bad admin deprive you of it!

Curo October 2012

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Half a million taxpayers set to receive late filing penalties

Monday, August 20th, 2012

Are you one of the half a million UK taxpayers who has recently received a penalty letter from HM Revenue & Customs for not yet filing your 2010/11 tax return?

Each fine is a minimum of £1,200 comprising £900 maximum daily penalties and a further penalty of £300 or 5% of the tax due (whichever is higher).

Anyone who has received a late-filing penalty and believes they should not be in self-assessment can apply to be taken out of the SA system. If HMRC agrees, they will waive the penalty.

If you would like help in getting up to speed with your tax affairs and avoid future penalties, please get in touch with Julia Whelan, tax partner at Curo Chartered Accountants on 01527 558539 or email [email protected] Julia will calmly guide you through the tax system and help ensure your tax affairs are in order going forward.

Curo..