• ICAEW
  • SAGE

 

0161 928 3276

 

 

We understand our clients

HMRC are Communicating about Self-Assessment

 

Newsletter issue - November 2023

In October, we wrote about the Self-Assessment registration deadline (the 5th). Hot on the heels of this, you may receive communication in the following weeks or months from HMRC about the requirement to complete a Self-Assessment tax return. The thing that stands out from the communication is HMRC's use of the phrase 'You don't need to be an expert to do your tax return'. This massively simplifies an annual process that can be very complicated and time-consuming. That is why there are experts and we strongly advise you contact us. Getting your tax return wrong can be costly.

HMRC's planned communication will take place from 24 October 2023 until mid-January 2024. It focuses on the following key topics:

  1. How Do I Fill in my Online Tax Return?
  2. Do I Need to Fill in a Tax Return?
  3. What Happens if I Can't Pay the Tax Bill?, and
  4. How Do I Check How Much Tax I Owe?

The 2nd topic is probably the most important. Not everyone needs to fill in a tax return and HMRC point to their 'check if you need to complete a tax return' tool. This tool will say whether you must register and then, if you do, give you the advice that the registration deadline for 2022/23 tax returns was 05 October 2023 and if you hadn't registered you could be fined.

It is very important to know that if you have registered, HMRC will expect a tax return. If they are expecting one and do not receive one then you can also be fined for that. So, if you don't have to complete one, you must let HMRC know when there is no longer an obligation to complete one.

In current times, it is also worth looking at point 3 which considers tax due but cannot be paid. There are two options here:

  • It may be possible to set up a payment plan where the tax can be paid in instalments (called a Time to Pay (TTP) arrangement), or
  • If tax can't be paid in instalments, contact HMRC

We advise you to take any communication from HMRC seriously, as the opportunities for penalties in this area are wide.

 

To work Smarter in your Business Contact Beauchamp Charles

Contact Us

"Join our newsletter for hints, tips and tax advice"

 

What our clients say

Dakins Property Services

Great Results, Personable, High Integrity

Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.