Self Assessment Tax Return – 5th April 2014

Your self assessment tax return for the year ended 5th April 2014 is due for submission no later than the 31st January 2015.

Your tax return information pack is now available for you to complete within connect and should be submitted to Brookson no later than the 31st October 2014 to ensure that the filing deadline is met.

Should you require any assistance when completing your tax return information pack, please refer to the guidance document which outlines the requirements for each section.

 

Penalties for late tax returns

If the tax return is filed late then penalties will be issued by HMRC, details of which can be found below:

Length of delay

Penalty you will have to pay

1 day late

A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

3 months late

£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.

6 months late

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.

12 months late

£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. In some cases the penalties can be even higher than this. These are as well as the penalties above.

 

There are also interest and penalties if you don’t pay your tax on time, which are as follows:

Length of delay

Penalty you will have 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. This is as well as the 5% above.

12 months late

5% of the tax unpaid at that date. This as well as the two 5% penalties above

The penalties above do not apply to any payments on account that you pay late.

 

Record preservation

You must ensure that you keep your records for one year after the online tax return deadline of 31 January, in case HMRC decides to check your return.

An example
The tax return deadline for an online 2013-14 return is 31st January 2015 and you send your tax return in before this deadline. You need to keep your records until 31 January 2016, one year later.

However, if HMRC send you, or you send back your tax return very late, you may need to keep your records for longer. You need to keep them until the later of:

  • one year after the 31 January tax return deadline
  • fifteen months after the date you send your tax return

Fees for tax return, supplementary pages and advice

For customers of Brookson's All-inclusive Limited Company Accountancy Service, the completion of the basic tax return and supplementary section relating to your own Limited Company is included in our standard annual fee. No further payment is required, unless you require any of the additional services detailed below.

For non-qualifying individuals there is a basic fee of £90.00 for completing the basic tax return and one supplementary section.

In all cases the following additional fees will apply (ex VAT):

Fees for tax return, supplementary pages and advice

Main Tax Return and 1 supplementary section

£25.00

Second shareholders tax return pack: Download the tax return pack | Terms and conditions 

Supplementary Section

Cost per section

Additional costs

Income from property

£25.00

 

£25.00 per additional property

For up to 2 properties

 

For 3 or more properties or more.

 

For more complex work a fee will be by agreement

Self Employment

£25.00

More complex cases will be charged by agreed fee.

Capital Gains

£25.00

More complex case will be charged by agreed fee.

Share Schemes

£25.00

 

Residency

£25.00

Additional fee will apply were the number of allowable days in the UK need to be calculated, and for more complex cases.

Foreign Income

£25.00 Note there is no fee for dividend income from Santander

Additional fee of £25.00 if calculation of foreign tax credit relief is required

Employment

£25.00

For each additional employment

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