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Tax Returns can be stressful, even if you only have minimal entries to submit.  HM Revenue & Customs intend to bring the filing date forward for any returns made on paper which will only add to the pressure you have in ensuring the return is completed quickly and accurately.

Wilson Nesbitt use software approved by HM Revenue & Customs to enable us to complete your tax return online.  The software assists us in calculating your liability and also permits us to review your inidividual position to see if any tax savings can be made.

To reduce your stress and angst over completing your annual tax return, we offer a competitive fixed fee price on tax returns - see our online fee quote.

The following free information may be useful to you:

Does Self Assessment affect everyone?
Does Self Assessment mean that I have to calculate my own tax?
What is the deadline for submitting my return?
What happens if I do not file my return in on time?
I owe tax, how will it be collected?


Does Self Assessment affect everyone?

No, however, self assessment rules state that, even if you have not been sent a return, you have a statutory duty to tell the Revenue of any untaxed income.  If you haven't had a return and have nothing to declare, you are not within Self Assessment.


Does Self Assessment mean that I have to calculate my own tax?

No. You do not have to calculate your own tax under Self Assessment. However, if you require the tax office to calculate your tax liability in time to pay the correct amount on time (31st January), you will need to file your return by 30th September if filing by paper, or, 31st December if filing online. After this date, the tax office will still calculate your liability but they may not advise you of the amount to pay in time for the deadline and you will be charged interest on late payments.


What is the deadline for submitting my return?

For a return sent out in April, the submission deadline is 31 January next, otherwise you may be liable for £100 penalty.  If you want to guarantee that the Revenue tell you how much to pay in time to pay it, or if you owe up to £2000 and you would like it collected via an adjustment to a future year's tax code the deadline is 30th September (If you submit your return online, you have until 31 December to file your return and still pay your tax via your code.)


What happens if I do not fill my return in on time?

You will be fined a £100 late filing penalty. A futher £100 penalty is charged six months after the deadline if your return is still not filed. The Revenue can also request daily penalties of up to £60 per day.
The £100 late filing penalty may be reduced if your tax liability for the year is less than £100. However, the daily penalties will remain due irrespective of your final liability.


I owe tax, how will it be collected? :

The most common method for the employed or pensioners is to have your tax code adjusted which can be done on amounts up to £2000. It is done by collecting additional tax on your salary or pension each week or month.  If you are going to send in a paper return, it will have to be in before 30 September to do this. If you send it electronically, you have until the 31 December. For self employed or those with large tax liabilities in excess of £2000 the amount is due for payment by 31 Jan following the end of the tax year. Payments on account may also arise for the following tax year.



If you are unable to find a free solution to your query and require bespoke advice please use our Interactive Services.  These fixed fee services will provide you with cost effective email, telephone or face to face support solutions to help you come to grips with your problem; by using these fixed fee payment in advance processes you will always be in control of your cost exposure.

 

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Updated Daily: Friday May 16th 2008