Income tax is levied on taxable individuals each year for the 12 months ending on the 5th of April. Individuals are required to complete a Self-Assessment tax return if they are Directors of a Company or if they receive income or benefits not subject to PAYE (Pay as You Earn). Any Income tax assessed is then due for payment by 31st January in the year following.
Some of the common sources of income assessed and taxed in this way are:
• Employment income
• Profits from Sole Trader or Partnership Businesses
• Pension income
• Income from property
• Bank Interest received
It is important that detailed accounts and supporting documentation covering all your income and any allowable expenses are maintained to ensure the appropriate income tax liability is calculated.
Getting this wrong or filing your tax return late will result in fines and penalties. In addition you could be subject to one of HMRC’s compliance checks, which are becoming more common place. Clearly, ensuring that your self-assessment tax form is accurate and filed on time is essential.
Ensuring your self-Assessment tax return is submitted accurately and on time.
Here at Gibson Accounting, we have a comprehensive understanding and many years of experience of how HMRC work when it comes to Self-Assessment. We ensure that our clients tax returns are accurate, filed on time and that all relevant relief’s and allowances are claimed. Our aim is simple: We want to ensure that all your accounting and tax obligations are accurate and in order, allowing you to relax and get on with your life.
Why not give the team at Gibson Accounting a call to see how we can take the hassle of organising your Self-Assessment tax return off your hands. Simply contact us via the below contact form to arrange an appointment to discuss your options.
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Construction Industry Scheme
In a response to tackle the collection of tax from many in the construction industry HMRC introduced the construction Industry Scheme in 2006. From this point, any subcontractor working on a commercial construction site/development has to register for the scheme with HMRC. If a subcontractor is not registered, the contractor is obliged to deduct 30% tax when making payment to them. A registered subcontractor has tax deducted at 20%.Learn More
Capital Gains Tax
Before you dispose of investment property, shares or any other form of investment, you must consider the potential Capital Gains Tax liability. Planning for any disposal is critical to maximising your or your business’ tax position. Gibson Accounting will help you plan the most tax efficient route by ensuring all the relevant tax reliefs are claimed at the right time.Learn More
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