January 31st Tax Return Deadline – Have You Prepared Your Self Assessment Tax Return Yet?
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Last year was perhaps one of the most challenging for small businesses, such as partnerships and limited companies, with 2008 providing numerous obstacles to be overcome, such as the credit crunch and the collapse of the financial sector which followed. Another major consideration for small companies has been the completion of self assessment tax returns, which have been the focus of a government overhaul. Self-assessment tax returns must be completed by any business or self-employed individual who does not contribute taxation to the government through the PAYE system (such as those employed by a company, or paying into a pension scheme), which automatically deducts payments on behalf of employees. By completing a tax return, the government can calculate how much taxation you owe, or if you're fortunate, what kind of a rebate you can expect. Alternatively, businesses can enlist the services of a reputable accountant to do this for them. |
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What's more, HM Revenue and Customs (HMRC) has opted to make a raft of changes to the self-assessment tax return system, including the introduction of two individual deadlines - one for paper tax return submissions, and one for online tax return applications.
The former fell on October 31st, but the latter is fast-approaching, arriving on January 31st, meaning that time is running out for those businesses or self-employed individuals who have yet to complete their self-assessment tax return.
Despite the HMRC's enthusiasm in demonstrating the simplicity of the online system, the department has also been keen to stress that it will punish those businesses - including sole traders and partnerships - which are not punctual in the submission of their self-assessment tax returns.
For any tax returns which arrive after the January 31st deadline, HMRC will issue a £100 penalty. What is more, depending on your circumstances, they may also charge daily interest on the owed amount.
But when it comes to genuine, mitigating circumstances, HMRC is willing to show some leniency. If you believe you or your business has been fined unfairly - or given an award which you deem to be insufficient - you are handed the chance to appeal.
According to HMRC, "you must appeal in writing, generally within 30 days of receiving the notice or award with which you disagree".
Notices sent out for late self-assessment tax return penalties will generally be accompanied by an appeal form, or if not, you also have the choice of contesting a decision with a written letter.
As mentioned earlier, 2008 has proved to be a demanding year for small firms and business start-ups.
If you would like us to complete your tax return for you then please call us today 0800 0523 555 or fill out our contact form and we will call you back.
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If you would like us to complete your tax return for you then please call us today 0800 0523 555 or fill out our contact form and we will call you back.
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