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Need help with your Tax Return? The deadline of 31 January 2018 for filing your personal Self Assessment Tax Return is fast approaching....

All self employed individuals and Company Directors have to complete a Self Assessment Tax Return as they may be in receipt of income which has not been subject to PAYE, for example dividends or interest on savings.

The 2016/17 return must be filed with HMRC online by 31 January 2018. HMRC will levy a penalty if you are late submitting your return or paying your tax bill.

If you still have not started your self assessment calculations for the last tax year then this year more than ever we would recommend getting those calculations completed early. 2016/17 is the first year that the changes to the way in which dividends are taxed take effect. If you received more than £5,000 in dividend income between 06.04.16 and 05.04.17 you are likely to pay income tax. 

As a result of the dividend tax changes you may find this year you have more tax to pay than in previous years. You should be aware that if the tax liability is greater than £1,000 you may also need to make a payment on account towards your 2017/18 tax liability.

Foremans LLP can complete your personal Self Assessment and file it online with HMRC provided that all relevant information is supplied.

If you would like to receive a personalised quotation for our Self Assessment service please contact us to request a free copy of our Self Assessment questionnaire. The questionnaire will assist us in providing your personalised quotation or can also be used to assist you with compiling the relevant information for tax return.  

Alternatively if you have completed your own Self Assessment but are unsure about your calculations, we also offer a Self Assessment Review Service at £60.00 (inclusive of VAT).

For further advice on Self Assessment and whether you need to file a Tax Return please do not hesitate to contact Foremans LLP on 01244 625 500.