Personal Tax Returns

Accounting

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?

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

Deadline

Register for personal tax return if you are:

  • self-employed

  • a sole trader

  • not self-employed

  • registering a partner or partnership

5 October 

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.

Penalties 

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Traynor Accounting Cumbernauld and Glasgow - Personal Tax Return Services

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?

Glasgow Accountant

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

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  • Allows you more time to focus on your core business needs

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To find out more about our Personal Tax Return Services call us on 01236 222668 or 0141 280 8941 for your free accountant consultation (no obligation!)