The Long-Awaited Autumn Budget – an end to the rumours and speculation?
At Mark Davies & Associates, tax returns are prepared by the same select team that advises our clients on tax planning. They are not outsourced to another department with the inevitable breakdown in service or communication.
If you receive any money that is not taxed at source, you must notify HMRC by 5th October after the tax year in which you received it. The corresponding tax return and payment are due by the following 31st January. Some obscure circumstances can trigger a compulsory tax return even if no tax is payable. E.g. taxable income of more than £100,000 per annum or being a director of a company.
We can prepare your return on your behalf in an accurate and timely way.
Claiming tax relief through your tax return
Crucially, a tax return needs to be completed in order to claim foreign tax credits and the Remittance Basis. Mark Davies & Associates use specialist software to complete such complex returns, as it is not possible to use the forms provided by HMRC.
Payments on account
If your tax liability is more than £1,000, you may be required to make additional payments on account towards the following year’s bill. These are due on 31 January and 31 July each year and are offset against the next year’s liability. Our advisers can guide you through these payments to avoid nasty surprises.
HMRC penalties and Enquiries
There are severe penalties for failure to notify HMRC, late submission of returns and late payment of tax.
The automatic exchange of information between HMRC and financial institutions (both UK and overseas) has seen increasing numbers of enquiries into tax returns and the ability to rely on the accuracy of their preparation has never been more important.