- Have
you just received your Self Assessment tax return?
- Worried
about filling it in?
- Can
you work out how much tax you owe
K&B Accountancy Services can fill in your Self Assessment
tax return, send it to the Inspector of Taxes and tell you exactly
how much tax you have to pay. All of this can be done for a
fixed fee service. There are no hidden costs.
K&B Accountancy Services is a consultancy company dedicated
to providing personal and business taxation services to the
highest professional standard. The company has never lost a
client through dissatisfaction with service or fee. Client recommendation
is the main source of new clients. After the press and TV publicity
(with Hector the Tax Inspector), Self Assessment started on
6th April 1996. The first Tax Returns to be issued under self-assessment
were in April 1997.
Self Assessment is not a new tax in itself
it is simply a new way for the tax to be paid and is currently
in operation in many countries, including the USA and Australia.
The Inland Revenue's reason for its introduction is
that it is supposed to bring in a clearer way of paying tax.
It means that taxpayers can now work out their own taxation
liabilities if they wish with the option of allowing the Inland
Revenue to calculate the liabilities on their behalf.
Tax Returns in April 2004 will not be sent
to every person. They will still only be sent to approximately
9 million taxpayers as at present. It remains the taxpayers
responsibility to request a Tax Return if they have commenced
a new business or have rental income, or any other income which
may not have been taxed at source for the first time. Income
taxed at source (salary and dividends) may also become liable
to higher rate which will require submission of a Tax Return.
Under Self Assessment, Tax Returns will be due at the Inland
Revenue by the following 31st January if the taxpayer wishes
to calculate the tax liability (hence Self Assessment). For
example, for 2003/04, the final submission date is 31st January
2005.
Payment of any remaining tax liability is also due by that date
to avoid automatic interest charges.
If the taxpayer requires the Inland Revenue to calculate the
tax liability, the Tax Return is due for submission by 30th
September. In respect of 2003/04, this will mean 30th September
2004 to enable the Inland Revenue to process the Tax Return
and advise the taxpayer of the liability to be paid by 31st
January 2005.
As a matter of interest, if there is a tax liability of less
than £1,000 and it is desired to have this collected through
the PAYE code number, the Tax Return should be submitted to
the Inland Revenue by 30th September 2004 to guarantee that
the following tax years Code Number will include this restriction.
Otherwise the Inland Revenue will only "try" to include it but
cannot guarantee it will be included.
The Self Assessment regulations impose a
strict regime of maintaining records and taxpayers must ensure
that they retain documentation to substantiate the figures entered
on the Tax Return. If self-employed, this naturally includes
all the business documentation currently required but in addition
will now include details of investment income (interest, dividends,
etc.), employment income (P60's P45's and P11d's) together with
documents to support any deductions and expenses.
CLICK HERE for details on our Tax
Return services from £50.00
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