Paying your Tax Bill & NI

• ✔  HMRC will calculate what you owe based on what you report
• ✔   Pay your Self-Assessment bill by 31 January following Tax Year

Self-Assessment Deadline to Register for Self-Assessment & Filling Tax Returns

•  If you’re self-employed or a sole trader, not self-employed,or
  registering a partner or partnership
  5 October In Current Year
  Paper tax returns
  Midnight 31 October following Tax Year
  Online tax returns
  Midnight 31 January following Tax Year
  Pay the tax you owe
  Midnight 31 January following Tax Year
  Tax Code Tax Collection
  Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension. You must be eligible.
  

Need For Tax Return – 1

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

• ✔  Self-employed as a ‘sole trader’ and earned more than £1,000
• ✔  A partner in a business partnership

You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

• ✔Money from renting out a property
• ✔Tips and commission
• ✔Income from savings, investments and dividends
• ✔Foreign income

Need For Tax Return – 2

You Must complete a tax return if they:

• ✔Earned more than £2,500 from renting out property
• ✔Or their partner received child benefit and either of them had an annual income of more than £50,000
• ✔Received more than £2,500 in other untaxed income, for example from tips or commission
• ✔Are self-employed sole traders
• ✔Are employees claiming expenses in excess of £2,500
• ✔Have an annual income over £100,000
• ✔Earned income from abroad that they need to pay tax on

Self-Assessment Penalties

• ✔Do not forget either your tax return or tax bill
• ✔You will be heavily penalized for not filling up £1700.00 per financial year
• ✔You will be penalized and also charged interest if you do not pay your tax bill on time
• ✔Ignoring the letters will not resolve your problems but will mount the debt more and more

Value Added Tax (VAT)

• ✔If you are Value Added Tax (VAT) registered then you have to file your Value Added Tax (VAT) return every month or quarter or year, Terms and Conditions Apply (T&C)
• ✔You only have one month and 7 days to file your Value Added Tax (VAT) return and Value Added Tax (VAT) tax bill
• ✔You will be penalized for not filling and paying the Value Added Tax (VAT) bill

Corporation Tax

1. You must file your corporation tax return by the end of your accounting period
2. You have only 9 months and 1 day to file your tax return to HM Revenue & Customs (HMRC) and accounts to Company House (CH)
3. HM Revenue & Customs (HMRC) may charge you up to £600.00 per financial year
4. Company House (CH) may charge you £750.00 for late filling