Its that time of year again!
The deadline for completing your online tax return is looming!
All those taxpayers who did not submit a paper return in 2012 now have until the 31st January to submit their self-assessment online.
If you are one of clients and we submit your tax return for you, please can you ensure you have sent us all the relevant information we require?
The penalties for late filing are now rigorously enforced by HMRC. If the filing deadline is missed then you will be facing the following penalties:
- 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. These are as well as the penalties above.
Interest and surcharges can also be added to the above penalties, making it crucial that you fill you self-assessment in on time.
At Gordons Knight we ensure that our clients tax affairs are filed on time, every time. We are London based Accountants, and we want to help!
One of our primary goals is to help businesses reduce their tax bill should they wish to.
We do this in several ways, from making sure that we claim all available and legal expenses and allowances for you, through to tax strategies that have the ability to take the Inland Revenue “tax take” down much further still.
The tax strategies are far more aggressive, and usually only viable for higher rate taxpayers with the appropriate view towards tax saving and risk.
All clients will receive a free copy of our “potential allowable expenses” report, along with our report for owner-managed businesses on “How to Save Tax”.
These services are broken down into the following key areas:
- Advice
- Implementation
- Process
- Support
We would consider it an honour to be chosen as your tax adviser, and would welcome the opportunity to discuss your personal and business goals with you, with a view to helping you make the most of every business and tax reduction opportunity available to you. So, if you are looking for a London based Accountants who will put your company first, then look no further.
For more information, and a free quote, please contact our payroll team on 020 8241 3000 or email us: gds@gordonsknight.co.uk.
