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Our tax compliance service, managed by Eileen Hunter, keeps you on track with your tax liabilities. It ensures that you are never inadvertently penalised for the late submission of your Self Assessment Tax Return, and lets you know well in advance what tax bills are looming on the horizon.
If you're in partnership, your Partnership Tax Return is issued by the Revenue each 5th April. The practice simply requires to send this in to us. If your practice's accounting year is not 31st March then we will request some further information from you. The information for the Return comes from the practice accounts, and provides information for the partnership pages in each partner's Self Assessment Tax Return. Failure to lodge the Partnership Tax Return by 31st January following the end of the tax year can be expensive - the fine is £100 for each person who was a partner in the practice during the year.
Self Assessment Tax Returns are also issued by the Revenue each 5th April. Our tax return questionnaire is issued on the same day, and should arrive in the same post. It is designed to prompt you to think about all the areas which make up the tax return and you tick only the boxes that apply to you. Where we hold mandates from you to obtain tax return information from e.g. banks and building societies, we also issue letters to them on 5th April requesting the information we require for your return.
On receipt of all of this, we will compile your return normally within a few weeks, and send this out to you for approval, with a bound copy for your own retention. At the same time we will advise you of your tax liabilities for the following January and July. As with the Partnership Tax Return, failure to lodge your personal Tax Return by 31st January following the end of the tax year also incurs a penalty of £100. |
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If you’re operating as a limited company, you are required to complete a self-assessment corporation tax return each year, and submit this to HM Revenue & Customs within 12 months of your year end. Corporation tax is payable 9 months after your year end however, so to all intents and purposes, the calculation of your liability must be made well in advance of the filing deadline if interest charges for late payment are to be avoided. We ill normally compile your corporation tax computation when we are preparing your company’s annual accounts, and will provide as much prior warning as we can of any impending liability.
And if you are unfortunate enough to be selected for tax audit by the Inland Revenue, our optional TaxSure Professional Fees insurance offers the peace of mind of knowing that the professional fees cost of any such investigation is fully covered. This permits our team of experts to commit whatever time is necessary to fighting your corner and minimising the impact of this on you. |
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Locum-specific content
Up until now your employer will have deducted tax, national insurance, superannuation and student loan repayments at source from your salary. It’s not something you will have had to worry about ... until now! Typically it will be around eighteen months before you make your first tax payment. The size of the tax payment will depend on the level of your income but we can help you budget for the payments and keep you right on the timing of the payments.
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