Many traders and self-employed people suffer fines and penalties through late submission of Self-Assessment tax returns. Sometimes it is the accountant's fault; other times it is the fault of the trader himself.
TAXSHOP ACCOUNTANTS
Professional services to businesses & accountants
THE UK TAXSHOPS ORGANISATION
We're a firm with over 40 years experience in the accountancy profession. Since 1997 we have opened 26 accounting outlets we call TaxShops throughout the UK
Some TaxShops are run by the company, others by independent accountants, some choosing to retain the TaxShops name, and some trading in their own name.
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About UK Taxshop Accountants
Copyright: UK Taxshops 2012
Self-Assessment Tax Returns
The UK tax year runs from 6th April one year to 5th April the next year. That means that all income earned and expenditure incurred in that 12-month period have to be entered on a Self Assessment tax return and submitted to HM Revenue & Customs by 31st January the following year. By way of example, for all trading between 6/4/2022 and 5/4/2023 a Tax Return has to be submitted by 31/1/2024.
PRICE INDICATION
Basic charge £100, but free with accounts. Property Returns from £150 a year.
FINES FOR LATE SUBMISSION OF TAX RETURNS
If a return is one day late after the 31st January a fine of £100 is imposed. If the return still hasn't been submitted by 1st May a fine of £10 a day for 90 days is incurred, amouting to a further £900. After a further 3 months another £300 is due, and after another 3 months a final £300 is due. Thid means that people can incur fines of up to £1,600 for late submission of a tax return.
We endeavour to ensure that our clients do not get late-submission fines. As accountants, we ensure all our clients' returns are submitted well before time.