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sELF-ASSESSMENT
Filling in the annual self-assessment for can be daunting and time consuming.
Our self-assessment service for individuals focuses on your return being completed in an efficient and timely way. We also make sure that you are paying the right amount.
Benefits:
- ZGet it right first time, don’t be one of the many people who are penalised for mistakes.
- ZIt can be very complicated; you’ll know you have claimed all the relief and allowances you are entitled to.
- ZEnsure that all the relevant forms are completed and sent with your return where required.
- ZWe will ensure your return is submitted on time, if not before.
- ZWe will remind you of your tax liabilities before the due date of payment.
- ZAvoid costly penalties.
- ZOutsourcing can save you time and money.
- ZIf a tax inspection is initiated, you’ll know you have us in your corner.
Self-Assessment deadlines are on or before:
- 31 October for a paper tax return.
- 31 January for an online tax return.
Payment deadlines are:
- You need to pay any tax you owe on or before 31 January following the end of the tax year.
Penalties for sending a late tax return:
- 1 Day — You’ll have to pay a penalty of £100.
- 3 Months — You may have to pay a penalty of £10 a day, for a maximum of 90 days (£900)
- 6 Months — You may have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater.
- 12 Months — You may have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater – in some cases, you may have to pay up to 100% of the tax you owe.
These penalties are in addition to any penalties for paying your tax late.
Penalties for paying your tax late:
- 30 Days — You’ll have to pay 5% of the tax you owe at that date.
- 6 Months — You’ll have to pay a further penalty of 5% of the tax you owe at that date.
- 12 Months — You’ll have to pay a further penalty of 5% of the tax you owe at that date.
These penalties are in addition to any penalties for sending your tax return late.
WBV ACCOUNTANTS
Let us handle your Self-Assessment.
WBV Accountants in Swansea and Neath work as a united team with exciting and dynamic businesses around the UK, we provide our clients the highest service possible.