Read our top 3 tax questions and answers. Tax doesn’t have to be difficult for small business.
1. How do I know if I need to send a Self Assessment Tax return to HMRC?
If you are not sure if you need to send a return in to the revenue and you want to find out for sure, there is a FREE Tool that you can use. Its on the government website but dont worry as it does NOT send your details to HM Revenue and Customs (HMRC) and only helps you to see if you are required to submit a return or not.
Super helpful and easy to complete – CLICK HERE
2. Does HMRC know everything about my bank accounts?
All financial institutions eg banks / building societies and investment houses, HAVE to report the interest that is paid to us each year to HMRC. That means the data can be looked at and analysed by the revenue to detect any undeclared taxable savings income in our bank, savings and investment accounts.
This is why its so important to declare all monies earned and saved so you can account for it correctly when you submit your tax return and therefore eliminate the need to worry about any unwelcome tax enquiry.
3. What happens if I cannot afford to pay my tax bill on time?
Firstly, don’t panic! Obviously we have to pay our taxes when they are due but if for some reason you have got yourself into an unexpected tricky spot, its possible to approach the revenue and ask for more time to pay.
Make sure you tell them as soon as possible about your situation and if you genuinely cannot pay in full now, but will be able to pay in the future, then it may be possible to come to an arrangement.
If your circumstances change and you can pay faster, then that is great but in any event, you will be charged interest on any late payments so obviously it’s in your best interest to repay what is due as soon as possible. Contact HMRC here if you need to contact them if you cannot pay your tax on time.
Do you have any tax questions? Then contact us today and we’ll try and help.
If you are in any doubt about what you can and cannot claim for, it is important that you contact an accountant or relevant tax specialist who can give you bespoke advice directly relevant to your circumstances. None of the information given here is tax advice.