A tax return is a form (paper or online) on which you:
• report details of your taxable income, and any capital gains if appropriate
• claim tax allowances and tax reliefs.
Company directors, the self-employed and partners in a business usually need to file a tax return.
HM Revenue and Customs (HMRC) may issue a tax return to you each tax year. The tax year runs from 6 April one year to 5 April the next. If you receive a tax return, the law says you must fill it in. HMRC uses the information on your tax return to work out your tax bill or work out whether you are due a tax refund.
Your tax return will be issued shortly after the end of the tax year, which runs from 6th April to 5th April the following year. It’s important to remember that you’ll need to include your income from all sources, not just what you receive from your company.
The deadline for filing your tax return is 31st January each year, with an automatic £100 penalty charged if it’s late.
If you file a tax return after January 31 you will face an instant £100 penalty, with further fines and interest charges the longer you delay. That date is also the deadline for paying
any balancing payments for the tax year.
The 'Company Director SA' package comes FREE of charge for all our limited company directors who paid their monthly accountancy fees for at least 8 months!