Posted on 9 Dec 2009
Category: General
Those of you subcontracting with either CIS Plus or Freelance Plus are likely to be aware of Self Assessment Tax Returns, and may have completed one in the past, but for those of you who haven't they are not something to be afraid of and if you are subcontracting with CIS Plus having the CIS deduction does not mean you won't need to complete a Self Assessment Tax Return. Whatever your circumstances don't leave it till the last minute or you are likely to face a fine from HM Revenue & Customs.
Self assessment tax returns are designed to bring together an individual's taxable income and gains during a tax year (from 6th April one year to 5th April the next) for the purpose of calculating the correct tax liability for that year.
Whether you should complete a self assessment tax return will depend on your personal circumstances. We suggest you speak to your accountant about what expenses you can and can't claim and whether you can expect any kind of tax rebate. If you do not have one, Crest Plus are able to make available the services of Independent Accountancy Service Providers to individual subcontractors, if you so choose.
Deadlines for sending in your tax return
31 October: all paper returns
If you send in a paper tax return, it must reach HMRC by midnight on 31 October. The deadline for paper tax returns is only later than 31 October if:
- You receive the notice to file your tax return after the 31 July. In this case you'll have three months from the date you receive the notice if you want to send in a paper return.
- You're completing a paper return because there's no software available to file your tax return online (for example Non-Resident Companies) or you've been told by HMRC that you're not allowed to file online. In these cases you'll have until 31 January to send in your return.
31 January: online returns
If you send your tax return online, it must reach HMRC by midnight on 31 January.
The deadline is only later than 31 January if you recived the notice to file your tax return after 31 October. You'll then have three months from the date you recieve the notice to send your return online.
|
The information in this table has been taken from the 'Tax return deadlines and penalties' pages of HM Revenue & Customs website and is subject to Crown Copyright protection, for more information please visit their site.
If you require copies of your pay advice, a statement of income or your project details these are all available to download from the Secure Members Area or you can contact us, and if you have any other queries about subcontracting with Crest Plus please contact us.