National Minimum Wage Changes…
September 23, 2013
Company Communications…
November 13, 2013
We would remind you that the deadline for submitting 2012 – 2013 Self Assessment Tax Returns is fast approaching. All tax returns have to be submitted electronically by 31st January 2014. We would remind you that ALL sources of income should be included on your tax return, i.e. dividend income, rental income, not just the profit from a sole trade/partnership or employment income.
Penalties are charged on the late submission of your tax return, they are as follows:
|
Length of delay |
Penalty to pay |
|
1 day late |
An automatic penalty of £100 even if you have no tax to pay, or have paid all the tax due on time |
|
3 months late |
£10 for each following day – up to a 90 day maximum of £900. This is in addition to the £100 fixed penalty above |
|
6 months late |
£300 or 5% of the tax due, whichever is higher. This is in addition to the penalties above |
|
12 months late |
£300 or 5% of the tax due, whichever is higher. In serious cases you may be asked to pay up 100% of the tax due instead. This is in addition to the penalties above |
Interest and penalties are charged if you don’t pay the tax you owe for the previous tax year on time; the penalties charged are as follows:
|
Length of Delay |
Penalty to pay |
|
30 days late |
5% of the tax you owe at that date |
|
6 months late |
5% of the tax you owe at that date, as well as the 5% above |
|
12 months late |
5% of the tax you owe at that date, as well as the two 5% penalties above |
We would advise that Directors are legally required to submit a Tax Return. If you are a company Director and currently do not submit a tax return either personally, or through Curle & Co, and wish to do so, please contact us as soon as possible.
Tax Return Information
Completing a Tax Return requires more information than simply the profit from your trade or employment income. Below is a list of the additional information that has to be included in your Tax Return, (please note that it is not an exhaustive list):-
- Interest, excluding that earned on an ISA
- Dividend income
- Pension Income
- Employment Benefits, such as a company car, health insurance etc
- Government Benefits, such as incapacity allowance, carers allowance, jobseekers allowance etc
- Property Income
- The sale of any assets (property, shares etc) which may give rise to Capital Gains Tax
It is also important that you tell us of any Gift Aid donations and personal Pension Contributions that you make in the year, this is particularly important if you are a higher rate tax payer.
Although every effort is made to ensure that all information is included, we would ask that you inform us of any additional income sources which you may have.
