Self assessment accountancy services
Many people, whether employed or self employed are required to complete annual self assessment to inform HM Revenue & Customs of their earnings and ensure the correct level of taxation is paid.
Why is self assessment important for small businesses?
The self assessment process is extremely important if you are self employed and we can not only help you complete your return but advise you on ways to legally reduce your tax liability and receive annual rebates where tax has been over paid.
Penalties for missing the tax return deadline
In 2011 HM Revenue & Customs have introduced a new fines & penalties structure. These fines could amount to more than £1,600 in any one year.
|Length of delay||Penalty to pay|
|1 day late||A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.|
|3 months late||£10 for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty above.|
|6 months late||£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.|
|12 months late||£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.|
To find out more, visit the HMRC website or