Personal tax returns
Don’t get caught out by leaving your self-assessment return until the last minute.
Self-assessment tax returns need to be filed by 31st January following the end of the Tax Year (or 31st October if you want HMRC to calculate the tax payable for you). So for the Tax Year 2015/16 ending on 5th April 2016, a self-assessment tax return needs to be filed by 31st January 2017.
There is limited discretion for the register not to collect a penalty on late payment, so the reason needs to be exceptional.
Here are some reasons people gave HMRC for not filing on time. They all received a £100 fine and their appeals using the following excuses were unsuccessful:
- My pet goldfish died – self-employed builder
- My bad back means I can’t go upstairs where my tax return is – a working taxi driver
- I’ve been cruising round the world in my yacht and only picking up post when I’m on dry land – South East man
- Our business doesn’t really do anything – Kent financial services firm
- I’ve been too busy submitting my client’s tax returns – London Accountant
With deadlines looming you may find an increase in stress levels and be less accurate. Wagner Mason Accountants don’t just calculate your tax bill, we look at ways to plan your finances, offer practical solutions and support you throughout the year. All this allows you to keep more of the money you have worked so hard for.
Do you need to file a self-assessment tax return? Wagner Mason Accountants can take you through the check-list to find out. We will help you to understand the documentation that comes along with the tax return and your tax bill when it arrives. If you are unhappy with the final tax bill, we will advise you on what to do if you believe you have a case for appeal. Please note, we will also advise if we believe there is no case for appeal.
Take action sooner rather than later. Your tax planning only works when it’s prospective.
Cash flow, payments on accounts and profits moving around year on year all require a pro-active solution to ensure compliance and to reduce the stress that is often accompanied with filing tax returns.
Wagner Mason Accountants specialise in the personal tax areas of Income Tax and Capital Gains Tax. We will advise you in all aspects of these specific taxes, looking at your particular circumstances and how we can help you to make the most of your money.
It is our aim to tailor our approach to your circumstances by ascertaining what it is you need. Wagner Mason offers a free tax review to determine exactly what those needs are.
Wagner Mason are highly experienced and qualified accountants, specialising in business and personal tax. You will be dealing with staunch professionals at all times, dedicated to supporting your business and ensuring you stay compliant.
Corporate tax and returns
If you run a limited company, club, society, association or other unincorporated body you will be liable for Corporation Tax.
Taxable profits for Corporation Tax include the money your company or association makes from:
- doing business (trading profits)
- selling assets for more than they cost (chargeable gains)
If your company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad. If your company isn’t based in the UK but has an office or branch here, it only pays Corporation Tax on profits from its UK activities.
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HRMC, you must still send a return even if you make a loss or have no Corporation Tax to pay.
When you file your corporation tax return, you will need to work out your:
- Profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts)
- Corporation Tax bill
If you have a limited company, you may be able to file your accounts with Companies House at the same time as your tax return.
The deadline for your corporation tax return is 12 months after the end of the accounting period it covers, there are penalties if you miss the deadline, payment is usually due nine months and one day after the end of the accounting period.
Our service provides you with assistance in keeping accounting records, preparing your company tax return, reporting if you have nothing to pay and filing your Corporation Tax return by the deadline.
If you require accountancy services for your company or non-profit organisation, get in touch and we will be happy to go through your queries.