TAXATION 

Whether you are currently having a taxation problem or looking for a new advisor or second opinion, we offer detailed advice in a friendly and professional manner. Many accountants might not have an indepth knowledge of the broad spectrum of taxation. Here at Pilbro's our dedicated tax team consisting of Ex HM Revenue Staff are here to help.

New changes that affect self-assessment

There is a need to submit a self-assessment tax return, irrespective of whether or not you expect a tax bill. The new stiffer penalties for late self assessment returns are listed here for you,

• £100 fixed penalty even if there is no tax to pay or if the tax due is not paid on time.

• (After 3 months) an additional £10 per day up to a max £900 will be due.

• (After 6 months) further 5% of tax due or £300 whichever is greater.

• (After 12 months) a further 5% or £300 whichever is greater In serious cases, the penalty (after 12months) can be up to 100% of the tax due.

It is important to maintain good records and ensure that all claims for tax allowances and tax deductions are based strictly upon the rules set down in the Taxes Acts. 

Where anyone sets out to offer goods or a service for profit, the question of income tax should be considered. Certain deductions are permitted when you incur cost for running your business or buying any capital equipment.

For further advice contact tax@pilbro.com

£100 fine for filing late.

This will not be cancelled

even if there is no tax to pay. Interest will also be charged

if tax is not paid on time.

The tax return deadline remains the same, 31st October for paper returns and the 31st January for online filing and paying any tax due.

Nearly 10 million people in the UK submit Self-assessments returns each year