The first question to ask is do you need to submit a tax return?
In principal if you have one source of income and that income goes through a PAYE system and is less than £100,000.00 you should not be required to complete a tax return.
If you receive redundancy over £30,000.00 you will have to complete a tax return
If you have one source of income and you need to reclaim certain expenses or reliefs you will then need to complete a tax return.
All other income earners are required to complete a tax return.
Sole Traders/Self employed
More than one source of income
You have worked abroad
Overseas income earners
Your annual income is £100,000.00 or more
Minister of Religion
You receive income from property or investments
You owe Capital Gains Tax
Our favourite are those that sell on the internet.
The requirement by HMRC is to complete your tax return by the due date and pay your tax and in most cases your national insurance to avoid any penalties and interest levied on your liabilities.
Here is one great solution, call us now
on 0203 1500 560 and we will explain what HMRC requires you to do. We submit your tax return online and have you back on track with HMRC.
The penalty for late filing is £100.00
Preparing your Tax return
Once you have decided to use our service please be aware of all the information that you need to supply to us. We will need to know your income for the tax period. This can be a copy of your P60(s) or CIS statements. If you have none of these will need to prove to HMRC how much income you have generated. We will require all your business expenditure and see all the receipts. Please note that contrary to popular belief you cannot entertain clients and claim that expense against your tax return. Parking fines/penalties cannot be reclaimed. Parking charges however can be claimed.
Business expenditure will vary from business to business so just call us now free on 0203 1500 560 and go through them with us.
for more information.