self-assessment deadline

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

HM Revenue and Customs (HMRC) has reminded UK small business owners that they must register for self-assessment, by Wednesday 5th October ,in order to receive their tax return. Businesses owners and the self-employed require a tax return to obtain all necessary information to be able to pay their taxes by 31 January. Those who fail to pay in time can be fined upwards of 30% of their due tax, while there is a deadline of 31 October for those who still use paper forms. Self-assessment is the system used by HMRC to collect tax from self-employed people and businesses, or those who have received an income besides their regular salary. Over 10m people filed a self-assessment tax return for 2014/15 with this number expecting to increase. Currently, one in seven people are now self-employed in so... »

Don't Miss the Self-assessment Deadline - 31st July

Don’t Miss the Self-assessment Deadline

Business owners due to make a tax payment on account risk penalties if they miss the 31 July deadline, the Association of Chartered Certified Accountants (ACCA) has warned. The deadline affects around nine million taxpayers in the UK who complete a self-assessment tax form, many of whom are due to make a forward payment as part of next year’s bill. Unlike the January deadline, which gives taxpayers a month’s grace before surcharges are added, there is no similar period in July. Based on the amount of tax paid the previous year, the payment will normally be equal to half of the previous year’s tax bill. So a business that paid £10,000 tax in 2007/08 would have owed £5,000 at 31st January and the same amount by 31stJuly. Chas Roy-Chowdhury, head of taxation at A... »