We summarise below the self assessment rules, penalties and interest charged for failing to comply with your obligations. If you live in Orpington, Bromley, Kent and London we, at Adiva Accountants in Orpington, can prepare your tax return and advise you on payments that you may need to make to HMRC. We will minimise the amount of personal tax that you have to pay, so why not call us today.
Under the self assessment, it is the responsibility of the individual to make sure that their tax liability is calculated and is paid on time.
The self assessment cycle
Shortly after the end of the fiscal year, HMRC issues tax return notices to all of those whom HMRC are aware need a return. These include all who are self employed or company directors. If a taxpayer is not issued with a tax return but has tax due, they should notify HMRC who may then issue a return.
The fiscal year runs from 6 April to the following 5 April, so 2015/16 tax year runs from 6 April 2015 to 5 April 2016. If using online filing a taxpayer is required to file his tax return by 31 January following the end of the fiscal year. If using paper format, the 2015/16 return must be filed by 31 October 2016. If this deadline is missed, penalties will apply, unless the return is filed online before the following 31 January. If you live in Orpington, Bromley, Kent and London and need to prepare a tax return we, at Adiva Accountants in Orpington, can advise and prepare your tax return.