Know about Self assessment tax return for sub contractors

1
Things to know about Self assessment tax return
deadline
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2
Introduction

• It's very important for everyone to pay tax
  return and complete documentation process on time
  before the due date, otherwise, you will get a
  penalty and pay extra money.

3
Types of Penalties

• There are two types of penalties
• 1) Late submission of self-assessment tax returns
• 2) Late payment of tax return

4
Who needs to finish a self-assessment tax return

• Complete self-assessment corporation tax return,
  If you apply any of the following
• During the tax year, you were independently
  employed
• Before tax, your income or savings was either
  10,000 or more
• You got profits from selling things.
• You got 2,500 or more in untaxed income

5
How to reduce penalties

• There is a time to pay agreement'. If it is set
  up, the penalty can be suspended and if it is
  broken, the tax buyer will be subject.

6
How to reduce penalties

• Under statutory prerequisite, HMRC is obliged to
  think about whether is there any unique
  conditions that are considered to reduce the
  penalty. If HMRC neglect to make such
  contemplations, their choice to force a penalty
  is imperfect.

7
Reasonable excuse

• You partner died before tax return deadline
• An unexpected stay in hospital that disturb your
  dealing
• The failure of your system of software when you
  were completing your tax return online.
• Service issues with HMRC
• Postal delays

8
Conclusions

• If you are looking for any advice of consultant
  that assist you to submit a self-assessment tax
  return online, you can consult BNW Accountants in
  London. It offers its customers highly
  professional, reliable and stress-free accounting
  and taxation services by working with each of the
  clients as one family.

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