SELF ASSESSMENT TAX RETURNS
Self-Assessment involves completing a tax return each year, Choice Bookkeeping can assist you with this.
In 2008 it was estimated that 10% of the 4.5 million small businesses in the UK would not submit their self-assessment tax return form by the 31st January deadline.
In 2005-2006, this equated to £84 million in fines.
If you get your tax form in one month after the fine is issued, the Inland Revenue can start adding a 5% surcharge on any outstanding tax, plus commercial interest.
After that, the tax man can estimate your tax liability, which is unlikely to be in your favour.
Our self assessment service will save you time, worry and potential fines – you simply need to provide us with the following:
- Your UTR and National Insurance Number along with basic personal details
- Bank Statements, Cheque book counterfoils, deposit books and details of turnover.
- Details of Business Expenditure.
- For businesses with a turnover of over £15,000, an analysis of expenditure.
- Dividend Tax Certificate and Interest Certificates from any financial institution your have derived interest from.
- Details of contributions to personal pensions.
- Any other records of income or allowable expenses.
- Any details of employed work where you have already paid an element of PAYE tax.