Self assessment (SA) timetable • Income tax and capital gains tax are both assessed for a tax year which runs from 6 April to the following 5 April. • Shortly after 5 April - a notice to complete a return is issued by HMRC. • 31 October following - non-electronic returns (where you have requested a paper return from HMRC or downloaded a blank return) need to be submitted to HMRC by this date. • 31 January following - final date for submission of the return and all outstanding tax to be paid. • There is an automatic penalty of £100 for late filing of the return. • Further penalties may be due if the filing of the return is significantly delayed. These may run into hundreds of pounds. Practical Tip The full £100 penalty will always be due if your return is filed late even if there is no tax outstanding. It is therefore essential to submit the return on time either by 31 October (non-electronic) or otherwise by 31 January following the end of the tax year. This guide is designed to provide you with an overview of all of these taxes from seven perspectives - that of the family; the employee; the person running their own business; the taxation of investments; property matters; disposals and CGT and, finally, knowing that nothing is certain except death and taxes, the potential liability on your estate at death.
Please use the guide to help you identify planning opportunities, pitfalls to avoid and areas where you may need to take action and then contact us for further advice.
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A Few Essentials
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