Our specialist in-house Personal Tax Department can help you submit your self-assessment tax return accurately and within the deadline
Fusion Business Services has a specialist Personal Tax Department, and we can help you submit your tax return accurately and within the deadline. Whether you’re looking for a professional accountant to assist you with your self-assessment or you want to speak with us to discuss if you need to submit a tax return, we’re here to help! To find out more about our tax return or to request a quote, please complete the short form on this web page or call our team on 0800 229 4020.
Why should you use Fusion Business Services to complete your tax return?
- Our dedicated Personal Tax Department have successfully completed thousands of tax returns. We will ensure your return is submitted accurately and all information is compliant with HMRC’s rules and regulations.
- Our service offers excellent value – please contact us for a quotation.
- We will save you plenty of time and remove the stress associated with submitting a self-assessment tax return.
- Our team will ensure your tax return is submitted within the deadline which will ensure you don’t face any late-filing penalties.
Amazingly, over 12 million UK residents were required to submit a personal tax return for the 2021/22 tax year, and over 10 million met the 31st of January deadline. However, those who missed the deadline would have been automatically assigned a £100 penalty, and this figure can potentially increase if payment is excessively late. Please keep reading for more information about the important of submitting a self-assessment tax return correctly and within the strict deadlines.
When do you need to submit a personal tax return?
Also referred to as a self-assessment tax return, you will almost certainly need to complete and submit a personal tax return if any of the following apply to you:
- You are self-employed and had an income over £1,000 during the tax year.
- You are the director of a limited company.
- Your annual income exceeds £100,000.
- You have savings and/or investments greater than £10,000 – before tax.
- You receive foreign income.
- If you or your partner have an annual income greater than £50,000 and claim child benefit.
- You generate income through buy-to-let properties.
- You have additional untaxed income greater than £2,500.
- You owe capital gains tax from selling assets at a profit.
- If you are a trustee of a registered pension scheme or other trust.
- Are a trustee or representative of someone who has died.
- You receive state pension payments that exceed your personal allowance and it’s your only source of income.
- You need to claim tax relief on pension contributions if you’re a higher or additional rate taxpayer.
What are the personal tax return deadlines?
Focusing on the 2020/21 tax year, the following deadlines apply to those who need to submit a self-assessment tax return:
Registering for Self-Assessment – If you have never submitted a tax return before, you will need to register for self-assessment by the 5th of October. For example, if you need to submit a self-assessment tax return for the 2020/21 tax return, you will need to register for self-assessment by the 5th of October 2021.
Paper Tax Returns – Most people submit tax returns online using the government’s gateway system. However, if you would prefer to submit a paper tax return, you will need to meet the deadline on the 31st of October 2021.
Online tax returns – The deadline for the submission of an online tax return is the 31st of January 2022 (for the 2020/21 tax year).
Payment deadline – The payment deadline is the same as the online tax return deadline. Therefore, the deadline for submitting your 2020/21 tax return is 31st of January 2022 and this is the date you also need to pay your tax bill. If you submitted your tax return early – you still need to pay your tax bill by the 31st of January 2022.
What happens if you submit your personal tax return late?
If you fail to submit your self-assessment tax return within the deadline, you will automatically receive a £100 fine from HMRC. You could also be fined up to £10 a day (up to £900) if you miss the payment deadline by three months. It is also worth noting that interest may apply, as following:
- 5% of the unpaid tax after 30 days.
- An extra 5% of the unpaid tax after 6 months.
- An additional 5% if your payment is 12 months late.
For more information, please visit the following on the government’s website: Estimate your penalty for late Self-Assessment tax returns and payments.
When might you be entitled to a tax rebate?
While many will submit a tax return to pay outstanding tax liabilities, some will be entitled to a tax rebate. The Fusion Business Services Personal Tax Department can help you determine whether you owe tax or are due a tax rebate. You may be owed a rebate if any of the following applies to you.
- Your work requires a lot of travel, and you are entitled to claim tax relief retrospectively.
- You have purchased equipment exclusively to conduct your work.
- You have made additional purchases for work-related equipment and professional subscriptions.
- You have recently emigrated away from the UK.
- You are due pension tax relief.
- You have been assigned an incorrect tax code – resulting in an overpayment of tax.
- You have changed jobs.
- You have been paying UK tax as a non-UK resident.
There may be other factors that make you entitled to a tax rebate. Please contact us today for a free consultation to see whether you are required to submit a tax return and if you could be entitled to a rebate.