If you have been a company director or have been self employed for any period of the tax year in question , you are legally bound to complete a Self Assessment tax return to ensure you're paying the right personal tax, and getting the right personal allowances.
Registering for Self Assessment is not an automatic process when you incorporate, so you will need to notify HMRC of your position. You can do this personally by telephoning the Self Assessment Helpline on 0845 900 0444 or registering online. Alternatively, Crunch can register you as part of our personal tax service.
If you fail to notify HMRC you may face charges and will have to backdate your returns at a later date. If you are unsure whether you have registered, you will need to contact HMRC with your National Insurance number on hand to find out.
If you fail to submit your return once you've registered for Self Assessment you can incur some fairly significant and mounting fines (see chart below). HMRC are becoming increasingly strict on deadlines and penalties for late returns, so we can’t stress enough how crucial it is to get these processed early.
|Dates of Penalty Increase||Penalty|
|Missed 31 Jan Deadline – Instant Fine||£100|
|Daily Penalty effective 01 May – max 90 days||£10 a day – max 90 days|
|Additional 6 month penalty on 01 Aug||£300|
|Additional 12 month penalty on 01 Feb following year||£300|
Our personal tax service
As part of our service we will register, compile and file your Self Assessment tax return.
Contact us to register with Crunch to complete your Self Assessment. For more information on our prices click here.