Self Assessment Tax Returns in Horsham
Income and Capital Gains for the tax year are detailed in your Tax Return, which also enables you to claim any tax allowances or reliefs which may be available.
Once completed, the Return should be submitted to HMRC by the required filing dates - 31 October for paper Returns, and 31 January for online Returns.
A system of automatic penalties applies for the late filing of Tax Returns, with an initial penalty of £100 being imposed where a taxpayer fails to submit the Return by the filing date. Additional penalties apply as follows:
- £10 a day if the Return has not been filed three months after the due date, for a maximum of 90 days
- For prolonged failures, further penalties of 5% of the tax due (or £300 if greater) arise after 6 months and again after 12 months
Interest will arise on any tax and penalties paid after the deadline. It will apply from the payment due date to the actual date of payment.
Payments on account of income tax (and Class 4 national insurance contributions) are normally required, and these are due on 31 January in the tax year and 31 July following the end of the tax year. They are based on one half of the total income tax liability for the previous tax year, less any tax deducted at source.
Payments on account are not required where each payment is less than £500, or where over 80% of the total liability is deducted at source (for example through PAYE).
You have one year from the filing date to make any amendments to the Return. HMRC also reserves the right to make enquiries relating to the Return within a twelve month period from the date the Return is actually filed.
For help with completing your Self Assessment Tax Return, contact Giltinian and Kennedy in Horsham.