Deadline day is nearly here…

  • Self Assessment deadline approaching
  • Penalties for late filing
  • Ensure you're not caught out

Michael Godsmark,

January 11, 2015

…and we don’t mean the January football transfer window.

By midnight on 31st January you must ensure you have submitted your Self Assessment tax return to HM Revenue and Customs (HMRC).

If you’re registered for Self Assessment then HMRC should have sent you a letter back in April telling you to send a tax return.  You must send your tax return even if you don’t have any tax to pay.

Not sure if you need to submit a Self Assessment tax return?

Are you?

  • a self-employed sole trader
  • a partner in a business partnership
  • a company director
  • Earn more than £100k / annum
  • Receive child benefit and earn more than £50k / annum

Then the answer is yes.

Still not sure if you need to complete a tax return?  The Gov.uk website offers a fantastic step by step question and answer guide you may find useful Gov.uk

However please feel free to have a chat with our accountants at Woodville. We are here to help you through all aspects of your business.

If you are signed up with us and haven’t already submitted your tax return, then no doubt we have been pestering you for a while now for your ‘books’.

Not sure what this means?

Basically we need everything to do with your business from 6th April 2013 to 5th April 2014. For example:

  • Bank statements
  • Cash book
  • Sales and purchase records
  • Any ledgers
  • Petty cash records
  • Purchase and sales invoices
  • Cheque books and paying in stubs
  • Mileage and expenses log

If you have computerised records, a copy of these can easily be emailed over to us.

And if applicable to your business we also need:

  • Payroll records including, PAYE calculations for payments to the Inland Revenue
  • Any income or expenditure that didn’t go through the business bank account that was for the business
  • VAT returns
  • Any loans that may have been taken out for the business

 

PENALTIES – Again not football!

It’s getting really close now and you will get a £100 penalty if your tax return is submitted late. There are also daily penalties for any submitted more than 3 months late as well as surcharges for late payment.

Don’t panic. If you have left it until the last minute – let us help!

Not sure if you have registered for Self Assessment and think you should be, please get in touch with our Chorley accountancy office 01257368963. We will assist you with contacting HMRC.

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About The Author

Michael is an enthusiastic and cheerful individual who, when not hard at work, enjoys mountain biking, cooking curry and travelling to new places.

   @https://twitter.com/WoodvilleAcc

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