fbpx

Don’t forget your final 2006/07 tax liability is due on 31 January (individual tax payers, including company directors), along with your first 2007/08 payment on account.

Interest runs on both amounts from 1 February, and there is a 5% surcharge on any 2006/07 tax unpaid by 28 February.

We will have told you how much to pay when your tax return was sent to you for signature – if you are unsure of the amounts to pay, please check the information given there before contacting us as our Tax Department is very busy in these last few weeks of the filing season.

You should receive, end of December / early January either a statement from HMRC showing the amount due – let us know if this differs to what we’ve told you – or a blank payslip / reminder for you enter the amount on. You can also pay online via HMRCs www site.

If you’ve received a self assessment reminder / black payslip, then either your return has yet to go in, or its only recently gone in.

If you haven’t provided us with all the information we need for your return, or we’ve sent you your return and you haven’t signed it and returned it to us, please do so as soon as possible bearing in mind the deadline is looming – theres a £100 penalty on late personal returns, and for partnerships a penalty of £100 + £100 per partner.

When you sign and return your tax return to us, generally we only need back the page 10 and the internet filing authority – the main return is for you to keep on your files.

Payments on account for 2007/08 – due equally on 31 January 2008 and 31 July 2008 – are automatically calculated based on your 2006/07 liability, although they are not due if your 2006/07 liability was small or mostly paid at source. If you have payments on account due for 2007/08 but you think you’re 2007/08 income is going to be significantly less than 2006/07 then please contact your account manager  to discuss a possible reduction on your payment on account.

If you are stuck, please get in touch – but please bear in mind this is a busy period for us, so e-mail contact is probably best.