Business advice from is4profit | Self Assessment |
£90m Fines and Record Use for Tax Self-Assessment
The is4profit team	February 1, 2011	News
As football's transfer window "slammed shut" last night so too did the window for Britain's self-employed to file their tax returns. The HM Revenue & Customs' online self-assessment service saw a record number of submissions this year as entrepreneurs and self-employed workers filed their tax returns before the midnight deadline on the 31st January. Last year the HMRC had a total of 6.42 million tax returns submitted and by midday on Monday 31st January 2011, a clear 12 hours before "close of play", they had already received 6.45 million submissions, some 30,000 greater than the previous year; and that was with an estimated 300,000 additional returns expected later in the day. By this morning the official figure was 6.9 million people, or 6,907,410... »
The is4profit team	January 12, 2010	News
The January 31st tax deadline for online self-assessment forms is only weeks away Taxpayers could be fined £24 million more than they were last year for late returns and wrongly filled in forms Over 1 million forms were submitted late in 2008 (14,600 more than in 2007) Taxpayers are set to gift the taxman an unnecessary £503 million this year in fines generated by late returns, miscalculations and surcharges on unpaid tax, according to research by Unbiased.co.uk, the professional advice website. The research also reveals this amount has increased by £24 million on estimations for last year. Failure to get forms to Her Majesty's Revenue & Customs (HMRC) by the fast-approaching 31st January deadline will incur an initial £100 late payment charge. ... »
Postal Strikes, Customers & Self-Assessment
The is4profit team	October 26, 2009	News
Business Link has published guidance to help small firms overcome problems caused by the recent postal strikes. The guidance includes tips for getting your self-assesment tax returns to HMRC by the 31st October and for businesses that need to use Royal Mail during the strike to ensure minimal disruption to their operations, as well as containing links to other useful information. National postal strikes were announced by the Communication Workers Union after their terms for employees' pay, working conditions and the modernisation of the postal service were rejected by Royal Mail. The first two national strikes took place on 22nd and 23rd October and more strikes may follow if an agreement is not reached. Business Link's tips include: Contact customers to let them know that good... »
HMRC urges business owners to file tax returns on time
Business–owners and the self–employed must ensure they file their online self–assessment tax return before the 31 January deadline – or risk receiving a £100 penalty, HM Revenue and Customs (HMRC) has warned. Those who send their tax return by paper, instead of filing online, could also receive a £100 penalty, as the new 31 October paper–filing deadline has already passed. HMRC spokesman Stephen Banyard said: "Don't forget — if you are filing your return in January, you need to do it online. It is quick, secure and convenient, and if you have not filed online before there is plenty of help and support available." Business owners who are new to filing online need to visit the HMRC website and click on 'Register for Self... »
Ready for the Online Self Assessment deadline?
The is4profit team	January 5, 2009	News
If you need to complete a Tax Return for the tax year ended 5 April 2008 and haven't started thinking about it yet, now is probably a good time. The deadline for completing your online Self Assessment (SA) Tax Return is 31 January 2009. But if this is the first year that you have done your Tax Return online, you need to register for HM Revenue & Custom's (HMRC) Online Services and allow about 7 days to receive your Activation PIN by post before you can get started. As the 31 October deadline for completing a Tax Return on paper has already passed you should now complete it online. If you do not submit your Tax Return online by 31 January 2009 you may get a penalty. But the good news is, doing it online means you can do it whenever is convenient for you – in 2007 over ... »
Self Assessment: Frequently Asked Questions
The is4profit team	September 19, 2006	Finance
Q. What are the important dates under Self Assessment? The important dates for taxpayers are: Dates for the Tax Return 6th April – The tax year This starts on 6 April and ends on 5 April: so the tax year 2008-09 starts on 6 April 2008 and ends on 5 April 2009. 30 September – Deadline for sending in your tax return If you want us to work out your tax bill you should fill in your return and send it in by 30 September after the end of the tax year. We will still calculate your tax bill after this date but we cannot guarantee to tell you how much to pay by the end of January. You should also send in your tax return by 30 September if you want any tax you owe (less than £2000) included in the following year's tax code. Remember: If you submit your Tax Return over the Int... »