Personal Tax Returns
Need to complete a personal tax return? Traynor Accounting Cumbernauld and Glasgow provides a personal tax return service (also known as self-assessment) for small and medium sized businesses throughout Scotland and the UK.
What is a Personal Tax Return?
A personal tax return (also known as a self-assessment) is a form that you are required to fill out and submit to HMRC to declare all your earnings and how much tax you should pay.
In the UK the personal tax year runs from the 6th of April to the 5th of April and all personal income which originates between those dates must be included on your personal tax return.
Who Needs to Complete a Personal Tax Return?
receiving dividends or other income which is not taxed at the source
self-employed as a sole trader
a partner in a business partnership
receiving income from land or property in the UK (including non-resident company landlords)
You are required to send a personal tax return if you are:
Personal Tax Return Deadlines
You must file your personal tax return with HMRC and pay any money you owe by the deadline.
Deadlines for registration, submission and payment are shown below.
Personal Tax Return
Register for personal tax return if you are:
a sole trader
registering a partner or partnership
Online Tax Returns
31 January MIDNIGHT
Pay the Tax you Owe
31 January MIDNIGHT
If you make advance payments towards the money you owe (known as payments on accounts) there is normally a second payment deadline of 31 July.
If you are required to send a personal tax return to HMRC and you miss the deadline for submitting it or paying the money you owe, then you will get a penalty.
If your personal tax return is up to three months late then you will pay a late filing penalty of £100.
If it is later than three months, daily penalties of £10 per day apply.
You will also be charged interest on late payments.
What are the Benefits of Getting Traynor Accounting to Complete your Personal Tax Return?
There are many benefits of getting Traynor Accounting Cumbernauld and Glasgow to complete your personal tax return. These include:
Take away the burden of HMRC paperwork
Our experienced accounts team will handle your personal tax return so you can relax knowing that no mistakes will be made
We will ensure that the appropriate deductions and allowances are claimed
We will remind you of deadlines and ensure that your personal tax returns are filed on time so you will not have to pay any penalties
Allows you more time to focus on your core business needs