Directors' Self Assessment Tax Returns

Taking the Guesswork Out of Self Assessment

RIFT Accounting provides Self Assessment tax return submission for Company Directors and Partners in Businesses as part of our Small Business and Sole Trader packages.

Call us on 01233 653006 today.

Whether you're the Director of a deep-space exploration company or a freelance paranormal investigator, you'll need to get your returns submitted by rigid deadlines each year or HMRC will set the dogs on you.

It can be stressful and difficult picking your way through the minefield of Self Assessment returns, and a minor loss of footing can lead to months of expensive headaches later on. Here's some of the information you'll be expected to provide:

  • Details of any income from employment (P60, P11D, etc.).
  • Interest or share dividends.
  • Full accounts of your business if you're self-employed.
  • Additional income from, for example, rent if you have a buy-to-let.
  • All information about deductible expenses like gift aid donations or pension contributions.

As part of our Business Bodyguarding service, RIFT Accounting can become your official agent with HMRC. This means that we can take on all the work and hassle of dealing with them for you, so you can get back to building your business.

With Clear Books, our cloud accounting partners, we can keep all the records you need for your Self Assessment returns accurate and up-to-date in real time, and you'll always have access to your financial information whenever and wherever you need it.

As your agent with HMRC, we'll fill in and submit your returns for you so you'll never need to worry about missing a deadline or filing an inaccurate return. We can even talk you through the expenses you can claim and make sure you're never paying too much or missing out.

You must be able to provide records of all information used to complete your tax returns for 22 months after the end of the tax year. Self-employed and those having income from letting out a property have to keep their records for five years and ten months.

Whether you need a nudge in the right direction or a guide for your whole journey, get in touch with RIFT Accounting and let us take care of your Self Assessment needs.

Even if you're not working for yourself, you may have to fill in a Self Assessment return if you've got additional income that isn't taxed at source, so it's worth getting advice if you think you might qualify. If you need help or advice with completing a stand alone self assessment claim please visit our Self Assessment Services Website.

Failure Is Not an Option: Fines and Penalties

You can submit your return either online or on paper, although there are fixed submission dates for each method.

  • 31st of October for paper returns.
  • 31st of January if you're submitting online.

It's worth noting that it can take a little while to get your Unique Tax Reference number and activation code if you're doing it for the first time, so don't leave it until the last minute to get set up.

Here's where it gets scary. HMRC really don't like it if you're late filing your Self Assessment return, and there's basically no acceptable excuse for missing the deadline.  You might get a little leeway for a severe illness, but even then don't count on it.

The fines and penalties for late filing start painfully and scale up to agonising if you don't take swift action, even if you don't actually owe them anything.

  • You might get slapped with a £100 fine for filing even a single day late,
  • delaying longer could see you stacking up £900 in penalties over three months
  • Not being able to provide the necessary paperwork could cost you a fine of up to £3,000 for each year without records.

It just gets worse from there! In the same way, late payment of the tax you owe is definitely something you want to avoid.

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