Perfect Accounting can help you to register and deregister Self Employed business; prepare every year Self-Assessment, provide full guidance and advice how to pay tax and NI contributions and advice about deadlines to avoid HMRC penalties. We can also help to translate documents, exchanged correspondence with HMRC and help with appeals.
Working for yourself – who is self-employed?
If you start working for yourself, based on the UK regulation, you are classified as a sole trader. It is means, you’re Self Employed. No matter if you have not told HM Revenue and Customs (HMRC). It is a legal requirement to register yourself as soon as you started working for yourself, however you can always do it up to three months’ time.
The other reason why you need to be registered as self-employed is to pay the correct Income Tax and National Insurance Contributions.
Deadlines and penalty
If you are Self Employed, you need to send Tax Return every year before deadline to avoid late filling penalty. Even if there was no any income, the Self-Assessment has to be sent on time.
HM Revenue and Customs.
Paper tax returns Midnight 31 October 2017
Online tax returns Midnight 31 January 2018
Pay the tax you owe Midnight 31 January 2018
It is very important to send Tax Return on time. If you need to send a tax return and you miss the deadline for submitting it or paying your bill – you will get Late Filling Penalty and Late Payment Penalty.
You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.
If you wish to estimate your penalty for Self-Assessment tax return, visit HMRC.
Appeal for Penalty with Us!
If you have a reasonable excuse you can always appeal against Late Filling and Late Payment Penalty. With our years of experience, we can help you to prepare appeal on reasonable excuse grounds.
If you need our help to register, prepare and submit your Self-Assessment or appeal against penalty, please contact with us today!