No matter your status within your business, whether you be sole trader, partner, director or sharholder, unless your tax affairs are quite straightforward and you have been taxed through the PAYE system, you will need to calculate your taxes through self assessment by completing a tax return.
Completion of your tax return involves reporting your income and your capital gains and allows you to claim tax allowances or tax reliefs.
Fortunately, and rather benevolently, Her Majesty’s Revenue and Customs allow a much longer period for those who must complete self assessment to pay their tax than those whose tax comes direct from their wages. You need not pay tax on income made in any given tax year until the January of the year following.
Unfortunately, this tends to lull people into a false sense of security that there’s plenty of time to “do it later” and then keep pushing it aside until later suddenly becomes “too late.”
Late return of your self assessment form makes you liable to a penalty. If you’re “old school” and complete your tax return on paper, you have until 31 October; though should you miss this deadline, you still have until 31 January to complete it, along with the more “up-to-date,” online.
The initial penalty is £100, but the more delayed your return, the more penalty you may be liable to.
If you are more concerned with the day-to-day running of your business than administrative tasks such as your tax return, it is easy to overlook these deadlines and the whole thing can become a very unnecessary problem unless you have a good accountant.
One who is, exuding an effortless competence, has the whole thing under perfect control, with your return filed with Her Majesty’s Revenue and Customs long before the deadline.
Self Assessment Made Easy
So, why embroil yourself in the additional paperwork of completing your own tax return when we at Quest are set up to effortlessly do it on your behalf? And why even risk the late return of your self assessment form when meeting such deadlines is part of our stock in trade, rather than the administrative distraction it may be for you?