Are you self- employed?
Self – Assessment is the main method by which HMRC (HM Revenue & Customs) receives tax related information and collects tax from self-employed people in the UK.
This Self – Assessment outlines profits from previous tax year as the basis for calculating taxes owed. The tax year runs from 6th April to 5th April of the following year.
The deadline for online filing of self-assessment is 31st January.
Always Avoid Last Minute Anxiety/Lateness!
Your return must be successfully filed with HMRC by 31st January each year. Don’t leave filing until the last minute. HMRC’s servers get very busy at the end of January. This is not an acceptable excuse for late filing.
Missing the Deadline!
If you miss the deadline the following occurs:
-HMRC gives an immediate fine of £100 (even if you have no tax to pay or have paid your tax in full) and give you a 3 month period to get your self-assessment to them.
– After the 3 months period, HMRC fines you £10 for each successive day up to 90 days
-After 90 days you will be given a subsequent fine of £300 or 5% of the tax you owed whichever is higher
– Late filing may cost you over £1,600, in addition to payment of tax that you owe.
Imagine what your business could do with that £1,600!
Bookkeeping & Payroll Aid Ltd. can take that burden off you and lend you a hand in completing your returns.