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Don’t fancy a taxing Christmas

If you don’t fancy a taxing Christmas and prefer to join in with all the fun on the big day and over New Year, you won’t be spending the festivities filling in your tax return!

In previous years HMRC has reported that thousands submitted their tax returns during the period between Christmas Eve and Boxing Day, with even more shaking off their hangover on New Year’s day by filing their return.

Hopefully you won’t be having a taxing Christmas and will have got this item ticked off your list well before the fairy lights were unpacked, so you can relax and enjoy a proper break over the holiday season.

We have already completed and submitted 90% of our clients’ tax returns online. If your accountants have not already made sure that your return has been sorted well before this busy period, call into IN Accountancy, your local Stockport accountants just along the A6 in Stockport near Stepping Hill Hospital, to see how we can help you or ring 0161 456 9666 or email askus@in-accountancy.co.uk

Or read our handy guide and action plan to take the stress out of self-assessment https://www.in-accountancy.co.uk/wp-content/uploads/2015/09/IN-Formed-Guide-to-Self-Assessment-20151.pdf

Tax return deadlines looming

Any returns submitted after the end of October 2015 must be submitted electronically. Any returns sent to HMRC after the end of January 2016 will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time.

Check if you need to submit a tax return

You’ll need to send a tax return if, in the last tax year if you:

  • Were self-employed
  • Earned £2,500 or more in untaxed income from property lettings, savings or investments
  • Made profits from selling shares, a second home or other assets liable for capital gains tax
  • Were a company director
  • You claim child benefit and either your or your partner earned over £50,000
  • You received income from overseas liable for tax or you lived abroad and had a UK income
  • You received share dividends and are a higher or additional rate taxpayer
  • You have an income of £100,000 or more
  • You were a trustee of a trust or registered pension scheme
  • Usually people do not need to send a return if their income is solely from wages or pensions but some individuals, such as, religious ministers or Lloyds underwriters do.

 

 

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