Infographic: A Guide to Self Assessment Tax Returns
Author: Russell SmithMay 18, 2016
Discover our tips for small business accounting and self-assessment tax returns.
With the new tax year well and truly upon us, it’s time to look to last year’s financial successes and put them down on paper for Her Majesty’s Revenue and Customs. That’s right, its tax return season.
When Should I File My Returns
The tax return deadline for 2015/2016 may be months away – October for paper, January 2017 for online returns – but that doesn’t mean you should just forget about them. Ignoring your tax returns can have pretty serious consequences, as can filling them out hurriedly and improperly. Getting a head start and filing tax returns early is all par for the course when it comes to good small business accounting practices. It’s a good idea to give yourself ample time, weeks or months in advance, before the final submission deadline to fill in your returns. In the event that something goes wrong or you need assistance, or if you are filing paper returns and need new copies, you’ll have plenty of time to get the help you need.
The Dangers of Ignoring or Filing Improper Tax Returns
Just because you have no malicious intent, doesn’t mean that you are immune to HMRC repercussions. The recent news of Labour leader Jeremy Corbyn being fined for filing his returns a week late highlights an issue that faces many honest, but late or error-filled returns. HMRC are known to very amicable, but rules are rules and if you miss deadlines or don’t provide accurate returns, you will be penalised. Such penalties can range from inconsequential to severe, but it’s also a good idea to avoid them, especially since it is so easily done.
Are Your Worried About Your Returns?
After all this, it comes as no surprise that for those responsible for their small business accounting, tax return season can be a terrifying time of the year. The overhanging threat of those all important and complicated forms can all seem a little too much, however, it really need not be that way.
To help relieve a little bit of that stress and pressure, we’ve created a step-by-step guide to self assessment tax returns.
What If I Need Help With My Tax Returns?
Fortunately, not only are there systems put in place by the government to help you with your tax returns, but accountants like ourselves are available as well. If you have a minor issue that you need explaining it is recommended you put an enquiry in with HMRC. However, don’t expect to hear back quickly, as the waiting time for HMRC contact is notoriously long. You should also contact HMRC if you are concerned that you are not able to pay the amount of tax you owe. The Business Payment Support Service was set up by government to help people with exactly this issue, and allows you to delay payments of tax bills, but you must contact HMRC as soon as possible.
If you think you need extra help, have large issues you need resolving, or need something done quickly, then our expert and highly qualified chartered accountants in Leeds are on hand to help you along with any aspect of your tax returns.