If you have taxable income that is not taxed fully at source you will need to complete a self-assessment tax return. This requires filing with HMRC by 31st January following the end of the tax year on 5th April. So 5th April 2015 taxable income requires filing and the tax paying by 31st January 2016.
It is far better to collate your information in plenty of time. That way you can plan your cash-flow or receive any refund earlier. Depending on your circumstances you may be required to pay payments on account and the earlier you know the better you can plan.
We will offer tax advice including how to minimise your liability and plan for the future but we generally don’t get involved in tax schemes.
You may need our help and advice if:
- You think you need to prepare a tax return
- You are thinking of starting a new business
- You are considering buying or selling your business
- You are considering buying or selling shares or other assets
- You want to maximise income from your business
- You have a likely inheritance tax problem
- You want to change the business owners
- You want to change the business structure