| With the end of the year swiftly approaching, now is the time for contractors to begin thinking about having their taxes in order ready for the approaching deadline from HMRC.
The deadline for returning your web tax return is midnight on January 31st and if you forget that date you may be expected to pay a penalty to the HMRC even though you don’t owe any money or have already paid back anything you may owe.
If your return is just one day late, you’ll automatically have to pay a £100 fixed penalty and there is a scale of additional penalties depending on how late the tax return is. If it’s up to three months late, you’ll need to pay £10 every day up to a maximum of £900 and then there are more fines to repay if it’s any later than this.
As well as the deadline day of January 31st, there is an earlier deadline of December 30th if you’d like any tax you owe collected using your tax code, which can be done if you owe a lot less than £3,000, so if you’ve not yet began to think about finishing the document this is the time to.
Doing a tax return could be time consuming and lots of contractors find that they simply just don’t have the time to fill out the forms. An easy way of dealing with your taxes would be to hire the accountancy services of specialist contractor accountants like Nixon Williams who could prepare your tax return for you on your behalf so you can be sure that things are fully completed well in time of the deadline day.
As an accounting company which specialise in providing services to contractors, you can be sure of an effective service when you use Nixon Williams for all your accountancy requirements. The knowledgeable team have experience of working with contractors in a variety of industries and sectors, so that you can be sure that your finances will be dealt with effectively.
The deadline for returning your web tax return is midnight on January 31st and if you forget that date you may be expected to pay a penalty to the HMRC even though you don’t owe any money or have already paid back anything you may owe.
If your return is just one day late, you’ll automatically have to pay a £100 fixed penalty and there is a scale of additional penalties depending on how late the tax return is. If it’s up to three months late, you’ll need to pay £10 every day up to a maximum of £900 and then there are more fines to repay if it’s any later than this.
As well as the deadline day of January 31st, there is an earlier deadline of December 30th if you’d like any tax you owe collected using your tax code, which can be done if you owe a lot less than £3,000, so if you’ve not yet began to think about finishing the document this is the time to.
Doing a tax return could be time consuming and lots of contractors find that they simply just don’t have the time to fill out the forms. An easy way of dealing with your taxes would be to hire the accountancy services of specialist contractor accountants like Nixon Williams who could prepare your tax return for you on your behalf so you can be sure that things are fully completed well in time of the deadline day.
As an accounting company which specialise in providing services to contractors, you can be sure of an effective service when you use Nixon Williams for all your accountancy requirements. The knowledgeable team have experience of working with contractors in a variety of industries and sectors, so that you can be sure that your finances will be dealt with effectively.