Personalised Care for All Your Accounting Needs

SELF ASSESSMENT & SOLE TRADER TAX RETURNS

JDSL Taxation cares about your personal and business interests. With tailor-made accounting services at your disposal, I’ll make sure your paying not a penny more in taxes than you owe. I specialise in taking care of your accounting so you can concentrate on the things that matter most.

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SELF ASSESSMENT TAX RETURNS

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Let us assist you with the completion and submission of your Tax Returns so you will never again be issued with penalties, fines and excessive tax (providing you passed to us the relevant papers in good time).

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Any person who is required to make a Return must also keep appropriate tax records. The maintenance of the records is vital together with the accuracy and the need for them to be comprehensive.

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Where a person is involved in a trade, profession or business, all records must be kept safe for five years and 10 months after the end of each tax year. For other individuals who just file a Return with no trade income the retention time is twenty-two months after the end of each tax year.

Other authorities may require your business records to be kept longer e.g. if you are registered for VAT.

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Please note that the Inland Revenue has the power to call for all the papers and documents if a Return is selected for review or investigation.

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Tax Returns

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The normal filing date for a Return is 31st January where you (or your agent) calculate your tax liability although forms issued after 31st October will be required to be submitted within three months.

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If it is desired that the Revenue calculate the tax due the form needs to be submitted by 30th September.

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Penalties

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Interest will be charged on all tax paid late

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A 5% surcharge will be levied on sums more than 28 days late

A further 5% surcharge will apply if sums are outstanding after 31st July

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There is a tax geared penalty for incorrect Returns and Accounts claims

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Record keeping – penalties for failure to keep and retain complete tax records

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Late Tax Returns – fixed and daily penalties sometimes tax geared

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Warning in some cases the penalties can be £3,000!

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