What is a Tax Return?
A Tax Return is a document that summarises details of the amount of taxable income you have received in a given year . If applicable, you will also need to give details about your capital gains, pensions & shares.
If you are required to fill in a Tax Return, you will need to complete and submit your documents by January 31st of the following tax year. (If you are filing a paper return, the submission date is 31st October). The actual UK tax year runs from 6 April to 5 April, however this can be set to an individual’s trading year.
Why are Tax Returns important?
If you receive a tax return from HMRC, you are legally required to fill it in. If you fail to complete and submit the document on time, you will be issued an automatic penalty.
You will find that the longer you leave a tax return incomplete and un-submitted, the higher the penalties will be.
The information you provide to HMRC will be used to calculate your tax bill – in some cases, you may even be eligible for a tax refund.
Why should Infinity Accounting help you with your Tax Returns?
Infinity Accounting’s team has the knowledge and skills to guide you safely through all areas of the tax return process. It is imperative you file your tax returns accurately and on time.
Our assistance includes, but is not limited to:
- Helping to determine whether or not you need to file a tax return
- Assessing whether or not you’ve paid too much tax, and if you have, help you to claim back your money
- Helping to maintain your financial records so the Tax Returns are easier to do
- Advise you on estimating figures if you do not have your records fully up to date
- Assist you with correcting errors on your tax return
The staff at Infinity Accounting are friendly, helpful and knowledgeable – their mission is to help you file your tax returns to the highest standards.