Tax Returns in Luton

Luton is an area we cover easily from our base in Hitchin. Our clients are primarily based in Hertfordshire and Bedfordshire, although we are expanding and have clients based throughout the UK. We cover all aspects of accountancy from bookkeeping, tax and VAT Returns to final year end accounts.

What is a Tax Return?

A tax return is a form on which you must give details of your income and expenses, if asked to do so by HM Revenue and Customs (HMR&C). The tax return is then used to calculate the amount of tax that you are due to pay. You need to complete and submit the 2011 Tax Returns, form SA100, by HMR&C's deadline of 31 January 2011.

If you fail to do this, HMR&C will charge you a late filing penalty of £100. You will receive a further fine of £100 if the 2010 Tax Return has not been submitted by 31 January 2012.

If you fail to do this, HMR&C will charge :

- an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time.

- after 3 months, additional daily penalties of £10 per day, up to a maximum of £900.

- after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and

- after 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.

New penalties for paying late are 5% of the tax unpaid at:

- 30 days,

- 6 months, and

- 12 months.

Interest will also be charged on top of these penalties. Further information on the new penalties is available from the HMRC website at www.hmrc.gov.uk/sa/deadlines-penalties.htm

Filing Tax Returns Online

Kingsland Accountancy will make filing your tax returns online a pain free experience. So, if you live in Luton, Hitchin or surrounds please feel free to get in touch with us.

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Who needs to complete a self assessment tax return?

If your employer deducts tax on your behalf through PAYE (pay as you earn), you won't need to complete a tax return. HMR&C will normally instruct the employer on how to go about this process especially when you owe on state pension or other taxable income.

If you have multiple income or rather complicated tax issues you may need to complete a tax return. There are also certain circumstances in which you will always need to complete a tax return - for example if you're self-employed, a company director, a trustee or if you have foreign income or own a rented property.

Accountancy

We are establishing a reputation for our professional yet friendly approach that concentrates on a high level of customer care. The business has been established since 1995. The founder has 36 years experience as an accountant.

Tax Returns Questions in Luton, Hitchin and Hertfordshire

If you have a question about filing your Tax Returns, VAT, Bookkeeping, PAYE, Company Tax in Luton, Bedfordshire or Hertfordshire,  please contact us on Tel: 01462 643775 or send an email to:

johnturner@kingslandaccountancy.com