Tax Returns and Tax Planning

Tax Returns and Tax Planning

With the tax regime becoming more complex and with more emphasis being put on taxpayers individual responsibilities, everyone who is subject to tax needs professional advice to optimise their tax position.

Many tax payers struggle to understand the complex tax return and complete them incorrectly, those that do, are often unaware of tax legislation and will not claim all they are entitled to and pay too much tax.

In the first year of self assessment over 750,000 taxpayers were fined £100 for failing to submit their return by the due date, 6 months later half of these received a further £100 fine for still not having submitted their return. Some of these people paid more in fines than it would cost a professional to complete the returns on their behalf!

Current penalties include:

  • £100 late filing penalty
  • Interest will be charged on all tax paid late
  • 5% Surcharge on amounts more than 28 days late
  • A further 5% surcharge for sums still outstanding at 31st July
  • Penalties for failing to keep and maintain complete tax records

As tax specialists dealing as your agent we can save you time, worry and money handling all self assessment issues for you. We will complete all necessary computations, completing your return using the latest software and where possible submit the return electronically ensuring safe receipt by the quickest possible method.

Call Charlotte Halsall on 01275 848951 or e-mail her at chalsall@taxsaversdirect.com for more information.