2016 may only be a week old but the annual Self Assessment Tax deadline is already looming for some. If you run your own business and are registered self-employed you may need to submit a tax return online, along with other people who are required to file returns such as those whose annual income is over £100,000 per year, who have Capital Gains Tax to pay, who live abroad or who are trustees. The deadline for filing online is Sunday 31st January so now is the time to get it ticked off your ‘to do’ list if you haven’t already.
For the tax year 6 April 2014 to 5 April 2015 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. If you do not submit your return on time you immediately start incurring penalties starting from £100 for being just one day late, even if you have no tax to pay or you have previously paid the tax, so make sure you complete your tax return in advance of the deadline if at all possible.
Don’t forget it is not just your tax return you need to file – you are also required to pay any tax owed by 31st January so you should ensure you have the necessary funds available, if you haven’t already allocated funds to cover it.
When you are running your own business, completing things like your tax return can seem like another headache – another task that you don’t have time for. If that is the case then our team of highly experienced VAs are here to help.
Our Bookkeeping team can assist you in filing your return and our Administration VAs can help sort out the necessary paper work, allowing you to get back to what you do best - running your business.
Please get in touch on 01483 332220 or email us at email@example.com to find out more. We pride ourselves on being the staff you don’t see, but the difference you do.