FinSol Tax Advisors is a leading firm of Accountants in Uxbridge and we provided affordable accounting services throughout London.
Tax return: It is a document that must be filed with the HM Revenue & Customs declaring liability for taxation. Different bodies must file different returns with respect to various forms of taxation.
Income Tax returns may be filed on-line or on paper. There are significant differences between paper and on-line filing. Key issues are:
1) You must register in advance to use the on-line system. You will be sent an activation code through the post, so allow for possible delays.
2) You can file your return later if you file on-line. Paper returns must be in by 31 October following the end of the tax year. On-line returns may be submitted three months later – by 31 January.
3) The on-line system gives an immediate acknowledgement that the tax return has been received by HMRC, and you should receive an email as proof that the return has been submitted. No such confirmation is given by HMRC for paper returns.
4) Late filing penalties run from the filing date, so penalties kick in faster for paper returns. Penalties for paper returns run from 1 November after the end of the tax year, but for on-line returns the penalties won’t start until the 1 February following.
Some pages are not currently available on-line via the HMRC’s free software (eg Ministers of Religion, Non-resident pages and Trust income). You will also need commercial software to submit a partnership tax return on-line; but paper partnership returns can be submitted until the usual paper deadline of 31 October without penalties.
There is more to self assessment on-line than just submitting a tax return. Once you are registered for self-assessment on line, you can:
• check your account details at any time to see what tax is due
• make amendments to your return on-line
• adjust your payments on account
• easily save an electronic copy of your return, or print a copy for your records
You will have your tax calculated automatically and will receive repayments faster than if you submit a paper return.
Our accountants have a fully knowledge and they are experts in their field. We provide you the friendly and correct advice so if you want any kind of service contact us today!