If you are a higher rate tax payer or are self employed, then you are likely to be required to complete a personal tax return under the self assessment rules. There are also instances, where although HHRC have not required you to complete a personal tax return, it may be in your interests to complete one, to claim a tax relief or exemption.
The deadline for submission of the tax return is the end of October for a paper return and the end of January for an electronic return. The end of January is also the deadline for paying tax due for the tax year ended the previous 5 April. For example for the tax year ended 5 April 2009, electronic filing and payment of tax liabilities has to be completed by 31 January 2010. Fines can be imposed for late filing and interest may also be charged for late payments.
Farrars are able to fully complete the tax returns and file these on your behalf to ensure that you remain compliant, whilst ensuring that full provisions for available tax reliefs and exemptions have been applied for to minimise your tax liability.
As part of our service to the self employed, we will assist in the production of your year end financial accounts, to ensure your business profits are appropriately recorded in your tax return. If trading as a partnership, we can also prepare the appropriate partnership tax return for you.