Self assessment tax return
Adiva Accountants offer quality and highly competitive tax returns service. Our tax returns service covers all areas of trade, industry and taxation. Whether you are self employed, sole trader or company director, we will prepare your tax return in a timely and efficient way.
Usually you will be required to provide the:
- records of your sales and purchases
- bank transactions and certificates
- dividend vouchers
- P60s, P11Ds, P45s or other relevant documents
We offer a professional and competitive self assessment tax return service for individuals in Bromley, London, Kent and nationwide. Tax planning is included in the tax return service as well. We will help you claim all the available tax reliefs and to pay the minimum amount of tax required by law. We can advise you in all areas of taxation, such as Income tax, CIS, Inheritance tax, Property tax, Business tax, National Insurance, Savings, Investments and many more. We will charge just a little more, if we need to carry out your bookkeeping, or if you have other sources of income. If required, we can prepare capital gains computations as well.
Important information about self assessment tax return
After the end of the fiscal year, HMRC issues self assessment tax return notices to all of those whom HMRC are aware need a tax return.
The fiscal year runs from 6 April to the following 5 April, so 2016/17 tax year runs from 6 April 2016 to 5 April 2017. If using online filing a taxpayer is required to file his tax return by 31 January following the end of the fiscal year. There will be only one self assessment which covers all your tax liabilities for the tax year. There are late filing penalties that apply to tax returns. A £100 penalty is payable after the due date for filing whether you have a tax liability to pay or not.
HMRC has nine months from the return being filed to correct a self assessment, in order to correct any obvious errors or mistakes in the return. An individual has 12 months from the return being filed to amend their self assessment by notifying HMRC of the changes made.
Usually the time limit for HMRC to issue a notice is 12 months from the filing date. If HMRC does not enquire into a self assessment tax return, it will be final and conclusive. This is unless HMRC makes a discovery, or the taxpayer makes an overpayment relief claim.