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OVER 25 YEARS EXPERIENCE WITHIN THE
TAX PROFESSION NEED HELP COMPLETING YOUR SELF ASSSESSMENT OR ANOTHER TAX
ISSUE? Please get in touch
to see if I can help ______________________________________ Don't ignore tax! Let's be honest, tax is not the most
exciting subject, but it is something that affects us all and something that
should not be ignored. It
should be remembered that it is a taxpayer's responsibility to ensure that
their affairs are correct, and the chances are that HMRC will pursue you if
tax has been underpaid, irrespective of whether it was your fault. Even if
you think your tax is simple, for example, you have tax and National
Insurance deducted from your salary or pension, you need to be sure that the
correct amounts are being deducted. Many
more of us are now working for ourselves and there are many factors that need
to be considered when going down this route. For example, how and when do I
notify HMRC? Do I need to operate a payroll? Should I register for VAT?
Should I operate as a limited company? You
will also need to be aware of your obligations and responsibilities once your
business is up and running. For example, what records do I need to keep? What
do I need to submit to HMRC? When is tax payable? Ensuring
that these matters are addressed and dealt with when your business starts
will make matters more straightforward as your business progresses. Failure
to notify HMRC, or late submission of Returns, or late payment of tax may
result in penalties and interest. But
it is not only those people who run their own businesses that need to make
Tax Returns to HMRC. Other common reasons include declaring rental income and
expenses, declaring capital gains on disposals of chargeable assets and
declaring certain foreign income. Company directors are also required to make
Returns. There
may also be tax planning opportunities available to reduce liabilities. I am
not talking about complicated schemes that receive adverse media coverage,
but sensible arrangements ensuring, for example, that spouses or civil
partners make the most tax efficient use of their tax allowances and lower
rate bands. Making sure that
your tax is in order will help give you peace of mind. If you need assistance
completing you Tax Return, or with you tax affairs in general, please contact
me. ______________________________________ WHY
WAIT UNTIL JANUARY TO SUBMIT YOUR TAX RETURN? The 2023/2024 tax year ended on 5 April and
many of you will be receiving a notice from HMRC that you need to complete a
Self Assessment Tax Return for the year. Although the Return does not need to
be submitted until January 2025, submitting the form sooner rather than later
may be in your interest. Click here for more information. ______________________________________ |
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Contact: Rose
Cottage Chantry Road Chilworth Guildford Surrey
GU4 8LT Tel: 01483
505261 or 07710 130378 Email: andrew@andrewtuffs.co.uk
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