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File personal income tax return online in Luton,UK

Author: Archie Bunker
by Archie Bunker
Posted: Jan 05, 2017

Filing income tax return online by self-employed, small traders and business owners in Luton, UK, is considered a painful job by most of them, specially because it is too time-consuming and their business gets neglected. Under the self-assessment scheme, every liable taxpayer, is supposed to calculate his/her own tax for the personal income tax return which is due, and more importantly, pay it to HMRC on or before the due date.

The self assessment cycle has it's ups and downs. The personal income tax return is sent at the end of each financial year, which runs from 6th April to 5th April. It is HMRC which decides to whom these summons are to be sent. If you are liable to pay tax and even then have not received a notice, it is your duty to inform HMRC about the abnormalities. In case you are late, then you are open to fines being imposed on you as under.

A £100 penalty for filing after due date. This is the minimum fine a individual has to pay, irrespective of whether there is tax outstanding or not. The additional fines which could be imposed include, a 10£ daily penalty up to a maximum of 900£, if you are late by three months. If you are late by 6 months, then an extra fine of 300£ or 5% of the tax which has to be paid whichever is on the higher side. If the delay exceeds a year then a further 300£ can be imposed or further 5% of the due tax. In some cases, the penalty could equal 100% of the tax due. An individual, is however, at liberty to amend his self assessment at any time within a period of 12 months of the initial filing date. HMRC too can amend or correct a self assessment case within a time period of nine months. This is done to correct obvious errors and mistakes. If by chance, you do not hear from HMRC after a year from your filing date, then the return will be assumed to be conclusive and final.

If you reside around Luton, there are plenty of tax specialists, who can advise on your behalf and complete your income tax return online. In case there is an HMRC enquiry, it will be their job to take care of it by replying to the issues raised. Remember, you are always at liberty to file your personal income tax return to HMRC directly without any charge. However, an expert can only offer value for money tax assistance, with an income tax return online that saves you money in the long run. So if there are persisting issues about your tax return, then just opt for a friendly and efficient accountancy service to take care of all the tax related problems. Most of the agencies provide digital returns and online accounting services, which are affordable and provide the necessary expertise as well, in some cases within five working days of your contact. Any company which does not keep proper records of the financial dealings to evade tax can be charged with a fine of 3,000 £ or even more for the personal income tax return.

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Author: Archie Bunker

Archie Bunker

Member since: Nov 23, 2016
Published articles: 13

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