Introduction
It is a sad fact of life that we must pay tax on our income, although the rules and regulations determining how much tax we should pay are both lengthy and complicated. Some things that you should consider when preparing to submit your Tax Return in the UK each year are:
- You can often claim for expenses that you would not otherwise consider, thus saving you money.
- In normal circumstances the Inland Revenue only have until 12 months from the date of submission of your Tax Return to open an enquiry.
- In the event of an enquiry, penalties charged by the Inland Revenue can be as much as 100% of the additional tax charged.
- The Inland Revenue charge interest on late payment of tax, even if you did not know it was due.
- Automatic penalties are charged for failing to meet your obligations.
It's easy to see how ordinary men and women can pay too much tax year on year without realising it.
At TDR Tax we pride ourselves on helping people to meet their legal obligations, whilst ensuring that they do not pay more than is necessary to the Inland Revenue. We focus our efforts on ensuring the best for the customer, and take away the worry that frequently comes with dealing with your tax matters.
Latest news
The final deadline for filing 2010/11 personal Tax Returns is 31 January 2012. Returns filed later than this date will attract a late filing penalty of up to £100. If you haven't yet made arrangements for your Tax Return, get in touch with us as soon as possible for a quote.
Anyone planning on filing their own Tax Return for the year ended 5 April 2011 in paper form must do so before 31 October to avoid a penalty. We can prepare and file your Tax Return electronically, thus extending the deadline until 31 January 2012. Contact us for a quote.
The second deadline for filing of 2009/10 Tax Returns is 31 July 2010. Late filers have already been charged one late filing penalty, and a second will be charged if your Return remains outstanding. Contact us for a quote to ensure that no further penalties are charged.
The Inland Revenue have started to issue speculative enquiry to letters to up to 50,000 plumbers and electricians. Please do not hesitate to contact us if you receive one of these or have any concerns.
Changes have been made to the payment dates of Class 2 National Insurance paid by the self-employed. See HMRC's website for further details.
The Inland Revenue have announced an "amnesty" primarilly for builders and plumbers to enable you to bring your tax affairs up to date without running the risk of the maximum penalties that may otherwise be charged.
The tax year ends on 5 April 2011. Time to think about your Tax Return for early submission to the Inland Revenue.
