YOU HAVE AN OBLIGATION TO ENSURE THAT YOUR PERSONAL TAX RETURN IS COMPLETED AND SUBMITTED TO HM REVENUE & CUSTOMS.
HM Revenue & Customs have clamped down on their late filing payment and penalties policy and have introduced a £100 fine for those who may not even have a tax liability. Not only this, they have changed their system for penalties and surcharges.
You will need to file a tax return if:-
- You are self-employed as a ‘sole trader’ and earned more than £1,000
- You are a partner in a business partnership
- You receive money from renting out a property
- You receive tips and commission
- You receive income from savings, investments and dividends
- You receive foreign income
The submission deadline for a paper return is 31st October but if you file online, you have until 31st January after the tax year end.
We recommend completing your personal tax return as soon possible after 5th April as you can. This way, you will be aware of what payments are due to HMRC and ensure you have enough money set aside. If you are in a rebate situation, the rebate will be issued to you promptly.
Please call us on 01227 277667 for further information or email us at admin@mphaccountants.co.uk
