The term ‘self assessment’ is proving to be one of the greatest misnomers of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly. In the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later! With penalties of £10 per day for returns over 3 months late up to a maximum of £900, in addition to the £100 this is an expensive problem. Further penalties of £300 are added if the return is still outstanding after 6 months and 12 months.
Despite the TV adverts from Xero & Quickbooks the constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly. We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and file it electronically. We will, of course, offer advice on how you can minimise your tax liability.