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Thursday, 26 September 2013

It's THAT time of year - paper tax return deadline day!

We try to remind everyone each year about the approaching paper tax return deadline day - in case you are still doing yours in this way, for whatever reason... Come on, get with the times and get a few extra months to do it!

If you work in a way that is likely to get you tax back, we would hope you will have already submitted a self assessment tax return as soon after April 6th as you can.

Self employed sole traders will most likely owe tax and usually want to leave the gruesome task as late as possible. Bettertax can help reduce that tax liability by helping you offset all your work expenses accurately, making sure you know exactly what can be claimed for and completing your tax return for you.

So, back to the spooky date that is paper deadline day... 31st October. This man wants your tax money! Don't be late! Penalties will be issued.

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Bettertax - Tradesman's Tax Refund Specialists 01280 821020
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Tuesday, 10 September 2013

Self Assessment Tax Returns - Should I Complete one?

With tax being a seemingly complicated process its often hard to know whether you should be completing a self assessment tax return.

Let's try and simplify things a little.

Self assessment is when you complete a tax return each year setting out your earnings and other incomes, against all your legitimate work expenditures.

If you are self employed or work under the construction industry scheme (CIS) you will always need to complete a self assessment tax return. If you are a PAYE employee, you may also need to complete a tax return especially if you want to claim tax back or for some reason your tax code is not reflecting the correct tax you should be paying.

Although it can be confusing, self assessment does NOT mean self employment.

You need to register for Self Assessment before you can get a tax return. Part of the service Bettertax offer is assisting with the registration process. Once registered, a ten-digit tax reference, called a UTR number (Unique Taxpayer Reference) will be sent to you. make sure you keep this safe.

HMRC will send you a letter each year, usually in April or May, telling you to complete your tax return. If you are one of our clients we will help you complete your tax return - EVERY year, so as soon as you get your letter, P60 (if PAYE) and know your earning details, call us - if we haven't been in touch with you first!

Don't forget that late tax returns will incur fines. The online completion deadline date is 31st January. If you should need to complete a paper return (much rarer these days), the deadline date is 31st October.

If you have completed a self assessment tax return in the past but your work circumstances have changed so that you feel you don't have expenses to claim tax back on, if HMRC send you a tax return notice, a NIL return will need to be completed.

We're always happy to offer FREE tax advice!

Bettertax - Tradesman's Tax Refund Specialists 01280 821020
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