Posts Tagged : Self-Employed

2022/23 tax return

As we approach the end of the tax year, it’s time to start thinking about your tax return for 2022/23.

The tax year runs from 6th April to 5th April the following year. For the 2022/23 tax year, you will need to submit your tax return online by 31st January 2024. If you file via a paper return, the deadline is 31st October 2023.

Who Needs to File a Tax Return?

You will need to submit a tax return for the 2022/23 tax year if:

  • You are self employed or a sole trader and earnt more than £1,000 (before deducting allowable expenses)
  • You are a partner in a business partnership
  • You earned more than £100,000
  • You have untaxed income from savings, investments and dividends
  • You have foreign income
  • You receive income from renting out a property
  • You earn more than £50,000 a year and you or your partner receive child benefit

If you’re unsure whether you need to file a tax return then speak to an accountant.

What happens if you miss the deadline?

If you miss the deadline for filing your tax return, HMRC will issue you with penalties. The penalty for filing your tax return late is £100 and will increase to daily penalties of £10 after three months and a penalty of 5% of the tax owed after six months.

Is your Tax Return scaring you?

lokFinding your self-assessment tax returns scary? Atkins and Co can save you time, stress and maybe even money!

  1. More people than ever have to file one – The record for the number of online returns, set last year when 7.93 million people filed over the internet, was also broken, as 8.48 million were sent online to HM Revenue and Customs (HMRC). This represents 84.5% of all returns received – a record-breaking percentage.With around 10.74 million 2012 to 2013 tax returns due by 31 January, this means 93.4% met the deadlines – 31 October for paper and 31 January for online. This is the highest percentage of on-time returns ever recorded.
  2. Do it on time – HMRC takes a dim view of people who can’t be bothered to stick to their deadlines. A life-threatening illness or the recent death of a partner are accepted as valid excuses; the dog eating your train receipts is not. If you file your return late, you’re automatically subjected to a £100 fine. If your return is more than three months late, you’re fined an additional £10 per day, up to a maximum of £900. And if you twiddle your thumbs for a whole year, you’ll be fined another £300 or 5 per cent of the tax due, whichever is higher. The deadline for paper tax returns is 31st October, the deadline for online returns 31st January.
  3. If you’re self-employed, you can claim lots of things against tax – If you work from home, you can claim a proportion of costs such as lighting, heating, mortgage interest and cleaning. You can also claim for business trips and a proportion of running costs for a car also those with more than one income, and high-income parents who received Child Benefit after 7 January 2013.
  4. Don’t get carried away – You can’t, however, claim for life insurance, home extensions, travel between home and the workplace or a 1st class plane ticket to Bali in which you spent the first five minutes idly scribbling a business plan on the back of the cocktail menu.
  5. Talk to HMRC – Despite their scary advertising campaign, HMRC tend to be jolly friendly, as long are you’re trying to do the right thing. And don’t forget that you can apply to reduce any payments on your account if you expect to earn less this year than last. You can also carry forward losses from one year to another
  6. Thinking about getting an accountant – Atkins & Co provides a personalised service and we understand that each business and individual is very different and has unique concerns, responsibilities and ambitions. As we always aim to get to know our clients personally, we can tailor the services to suit their own specific needs. We provide high level accountancy and tax advice whilst conveying it to you in a straight forward easy to understand language. As registered ‘Chartered Accountants’, we are fully regulated by the ICAEW (Institute of Chartered Accountants in England and Wales), you can be reassured of the quality of the service and advice given.

Our specialist military tax and accountancy experience has been acquired from many years and with the family connections to the military – you know you are in safe hands. Rest assured we are well versed in the ‘lingo’ and will go the extra mile to make sure that you feel at ease. We always take the time to explain things in a way you can understand, this is something we pride ourselves on. Every client is important to us.

Contact us today on 01934 527888 or admin@atkinsandco.com

 

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