A new year may be only just beginning, but deadlines are already upon us. With just a few weeks to go until the deadline for submitting your Self Assessment tax return online on 31st January 2014 it may be time to get your affairs in order.
If you are running your own business and registered self-employed you may need to submit a tax return online, along with other people who are required to file returns including those whose annual income is over £100,000 per year, who have Capital Gains Tax to pay, who live abroad or who are trustees. Also those receiving Child Benefit whose income is over £50,000 may also need to complete a return for the first time.
For the tax year 6 April 2012 to 5 April 2013 you will need to ensure you have details ready of your income from all sources as well as details of business expenses, pension contributions and any charitable donations. Remember that if you do not submit your return on time you immediately start incurring penalties starting from £100 for being just a day late, even if you have no tax to pay or you have already paid the tax, so it is worthwhile making sure you are ready well in advance of the deadline.
Our Bookkeeper VA Jackie can assist you in filing your return if needed, allowing you to get back to what you do best - running your business.
Give us a call on 01483 332220 or drop us a line to firstname.lastname@example.org to find out how we can help.