GOODBYE JANUARY BLUES
Filing your personal tax return can be a chore at best and overwhelming at worst. With endless forms to fill out, deadlines to meet, and complex rules to follow, it’s no wonder so many people dread tax season rolling around.
But it doesn’t have to be this way. We’ll help you file your taxes quickly, easily, and affordably. Our experienced team of tax advisors in Norwich can help you understand your tax codes and accurately file your return. We’ll even help you find deductions and credits that you may be eligible for, which can save you money.
If you’re looking for a way to make tax season less stressful, get in touch today. It could be one of the best financial decisions you make.
“Being a self employed artist,
the thought of dealing with an accountant seemed daunting. You guys made it so easy. Friendly and efficient. I wish I’d done it sooner.”
- Who needs to file a personal tax return in the UK?
Who needs to file a personal tax return in the UK?
- You are self-employed as a sole trader and earning more than £1,000
- You are a partner in a business partnership
- You earn £100,000 or more
- Your state pension was your only source of income and was more than your personal allowance
Check if you need to send a self-assessment tax return here
- Can a tax accountant save you money?
The short answer is yes! Not only will they make sure you only pay the tax you have to and find ways to reduce your tax bill in line with HMRC rules, but they will also free up your time to invest in saving or making money in other areas of your business.
- When is the HMRC deadline for tax returns?
HMRC imposes two deadlines for tax returns, 31st October for paper submissions and 31st January for online submissions
- What happens if I miss the deadline for filing my personal tax return?
You’ll receive a penalty.
- What are the penalties for late payment?
You’ll receive an immediate fine of £100 for late submission, and rolling fines up to £900 over three months, then significant incremental fines throughout the year.
- What information do I need to file my personal tax return?
- Your unique taxpayer reference (UTR)
- Your National Insurance number
- Details of untaxed income (including from self-employment, dividends, and interest on shares)
- Details of self-employment expenses
- Charity or pension contributions that might be eligible for tax relief
- Any records of income received that you’ve already paid tax on
- How do I find out how much tax I owe?
You can check what you owe in tax through HMRC online services, which tells you what you owe in tax and when (usually in January and July). Find out what you owe here.