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Have You Filed Your Self Assessment For 2010-11?

24 - 04 - 2012

Anyone who has not filed their 2010-11 Self Assessment tax return by the end of April 2012 will be charged daily penalties from 1 May.

The penalty of £10 for each day the Self Assessment return remains outstanding (up to a maximum of 90 days) is in addition to the £100 late filing penalty that will already have been received. This penalty applies even where there is no tax to pay or the tax was paid on time.

 

The deadline for filing the 2010-11 Self Assessment online was 31 January 2012. Daily penalties for paper returns, which were due by 31 October 2011, began on 1 February 2012.

Further penalties of at least £300, or 5 per cent of the tax due (whichever is greater), will be issued for returns that are 6 and 12 months late.

Shouldn’t be in Self Assessment?

 

HMRC have indicated that they will cancel any outstanding returns and penalties if taxpayers call to explain why they consider themselves to have been incorrectly included in the Self Assessment system in the first place.

 

HMRC will be including details with the penalty notice inviting taxpayers to phone on the general Self Assessment helpline number – 0845 900 0444 -  if they think they do not need to be in Self Assessment.

 

Please note Company Directors are required to file Self Assessment income tax returns.

 

Need help with your appeal or completing your Self Assessment?

 

We can complete your Self Assessment and file it online on your behalf.

 

Contact Foremans LLP on 01244 625 500 or click here.

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Fixed Data

Assumptions

General                                                                                                                              

• The user is over 21 and subject to tax in the UK
• The user wishes to minimise their tax liability
• The user is subject to national insurance i.e.he/she is not over retirement age
• Only current tax rates and limits are applied
• No tax mitigation payments are made e.g. pension contributions
• Only 3 digit letter 'L' tax codes shown in the drop down list can be entered 
• The user does not have a turnover greater than £100,000 where fewer reliefs and or higher taxes may apply

Expenses

• All miles claimed as expenses are for business use using a personally owned car or van
• All other expenses claimed are wholly, necessarily and where appropriate exclusively for the benefit of the business

Foremans LLP Charges

• Foremans fees associated with Limited Company, Sole Trader or Umbrella are as per published rates
• Foremans current Service Costs are allowed for in all calculations.

Holiday Pay

• Holiday pay is accumulated week by week by Umbrella or Agency employer but paid out during the year

VAT

• Limited Company or Sole Trader will be VAT registered
• Limited Company or Sole Trader will take advantage of Flat rate VAT
• Flat rate applied includes the benefit of the additional 1% applicable to the first year of VAT registration

Limited Company Conditions

• One director / one shareholder in a Personal Service Company
• Director of Personal Service Company elects to vote for 100% dividend after salary, costs and expenses
• Director's salary is maximum salary to the primary threshold for NI
• The Limited Company is trading normally i.e it is not subject to IR35 and is not a Managed Service Company

NOTES

• The Current tax rates are taken from the Fixed Data Table
• The current Value Added Tax Rate is 20% and is applied to all invoices and expenses as appropriate
• The Director's Salary is fixed in relation to National Insurance thresholds. Higher Rate Taxpayers should consider the advantages and disadvantages of a larger annual salary or bonus
• Higher Rate Taxpayers may wish to consider the advantages and disadvantages of shared ownership of their business
• Users with a tax code other than three digits and letter "L" may telephone or email our Development Department to request a detailed calculation
• Generally the use of an Umbrella rather than an Agency payroll is only efficient if sufficient weekly expenses are allowable and claimed
• The expenses claimed under an Umbrella should not prevent the proper operation of National Minimum Wage