Self Assessment Tax Returns in Bath
The Tax Return contains information on income and capital gains for the tax year. It also enables you to claim relevant tax reliefs or allowances.
Upon completion, the Tax Return should be filed with HMRC by the required deadline. Paper Returns should be submitted by 31 October and online Returns should be filed by 31 January.
A system of automatic penalties applies for the late filing of Tax Returns, with an initial penalty of £100 being imposed where a taxpayer fails to submit the Return by the filing date. Additional penalties apply as follows:
- £10 a day if the Return has not been filed three months after the due date, for a maximum of 90 days
- For prolonged failures, further penalties of 5% of the tax due (or £300 if greater) arise after 6 months and again after 12 months
Interest will arise on any tax and penalties paid after the deadline. It will apply from the payment due date to the actual date of payment.
Payments on account of income tax (and Class 4 national insurance contributions) are normally required, and these are due on 31 January in the tax year and 31 July following the end of the tax year. They are based on one half of the total income tax liability for the previous tax year, less any tax deducted at source.
Payments on account are not required where each payment works out at less than £500, or where more than 80% of the total liability is deducted at source (eg through PAYE).
If you need to make any amendments to the Return, you have one year from the filing date to do so. HMRC also have a right to make enquiries relating to the Return within a period of one year from the actual date the Return is filed.
For help with completing your Self Assessment Tax Return, contact R D Owen and Co in Bath.