Tax Return Deadline Looms
“You must submit your tax return by January 31st 2008 or you will have to pay a penalty of £100" - Simon Clarke, TaxAssist Accountants
With the 31st January 2008 tax return deadline fast approaching, many small business owners will be depending on their accountants to look after them at this ‘taxing time’. If you missed the September 30th deadline then your accountant will be able to calculate the tax and national insurance for you.
Simon Clarke FCCA of TaxAssist Accountants says “You must submit your tax return by January 31st 2008 or you will have to pay a penalty of £100 (if your outstanding tax bill is over £100) and you may have to pay interest on any taxes that are still due after this date.”
“Using an accountant who specialises in small business tax and accounting can really help to cut through the clutter and ensure that you meet all the Inland Revenue deadlines”, says Simon. When submitting information to your accountant, TaxAssist Accountants offer the following advice:
- As someone who is self employed and your annual turnover was over £15,000 make sure you have a complete set of business accounts. If your annual turnover was less than £15,000 you will only need to produce records of annual income and expenditure.
- As a company director, the paperwork you will need should include payslips, forms P45, P60, P11D and details of benefits and expenses covered by a dispensation.
- All sources of income must be declared on a tax return (e.g. share dividends, rent etc) From April 2008, there are some important changes the above deadlines and we suggest you speak to an accountant nearer the time to discuss this.
For further information call 0800 0523555 or visit www.taxassist.co.uk
