Unless your tax affairs are very straightforward and you’ve been taxed through the PAYE system, you will need to complete a self-assessment tax return.
Whether you’re running a business in Birmingham as a sole trader, partner, director or shareholder, 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, HMRC allows you to not pay tax on income made in any given tax year until 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. You have until 31 October to complete your tax return, but the final deadline is 31 January.
The initial penalty is £100, but the more delayed your return, the higher the penalty.
So if you’re too busy with running your business to deal with your self-assessment tax return, then you need Quest accountants in Birmingham to make your life easier and less stressful, get your self-assessment tax return in on time, help you pay less tax and put more money in your pocket.
Don’t get bogged down in receipts and stress yourself out trying to complete your own tax return, when we can do it all for you.
And why risk getting a penalty for the late return of your self-assessment form when we will always get it in on time, so you never have to worry about it ever again.
If you want to discover how we can help your business, Quest Birmingham Accountants offers the following services: Tax Services, Self-Assessment, VAT, Payroll, New Business, R&D Tax Credits, Annual and Management Accounts, Tax Returns, Self-Employed Accounts, Business Planning, Business Tax, Accounts Services, Bookkeeping, Pensions, and UK Tax Deadlines.
Give us a call on 0121 235 0315 or send us a message below to book a free tax review of your business.