Tax Returns Hull + With Free Checklist Of Books & Records

The fiscal year runs from 6 April to the following 5 April and tax returns are issued shortly after the end of the fiscal year.

Tax returns are issued to all those whom HMRC are aware need a return including all those who are self employed or company directors.

Those individuals who complete returns online are sent a notice advising them that a tax return is due. If a taxpayer is not issued with a tax return but has tax due they should notify HMRC who may then issue a return.

The new MTD rules overhauling tax returns force the self-employed to keep digital records, and send quarterly updates to the tax authority using computers or smartphones. They will now not come into force until April 2019 for those with an annual turnover below the £83,000 VAT registration threshold.

To ensure you are ready for the MTD switch over here is a checklist of books and records required for HMRC enquiry:

• Details of payments made for business expenses (eg receipts, credit card statements)
• Share options awarded or exercised
• Deductions and reliefs Documents you have signed or which have been provided to you by someone else: - Interest and dividends - Tax deduction certificates - Dividend vouchers - Gift aid payments - Personal pension plan certificates.
• Personal financial records which support any claims based on amounts paid eg certificates of interest paid
• Invoices, bank statements and paying-in slips
• Invoices for purchases and other expenses
• Details of personal drawings from cash and bank receipts

It is important to complete tax returns in an accurate and timely manner as those who don't are penalised. Late filing penalties apply for personal tax returns as follows:

• £100* penalty immediately after the due date for filing (even if there is no tax to pay or the tax due has already been paid)
• Over 3 months late – a £10 daily penalty up to a maximum of £900
• over 6 months late – an additional £300 or 5% of the tax due if higher
• over 12 months late – a further £300 or a further 5% of the tax due if higher. In particularly serious cases there is a penalty of up to 100% of the tax due.

How we can help - Hull Tax Returns

If you are a business in Hull then we can prepare your tax return on your behalf and advise on the appropriate tax payments to make. If there is an enquiry into your personal tax return, we will assist you in answering any queries HMRC may have. If you are a business is not in Hull then find your local Haines Watts office here