Self Assessment

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    Self Assessment

    I let my property in November 2011, I am about to complete a tax return for that period, however someone has told me that I should have done this before January 2012 and because I have not I could be fined about £1000. Grateful if someone could clarify this. Regard

    #2
    Originally posted by max5445 View Post
    I let my property in November 2011, I am about to complete a tax return for that period, however someone has told me that I should have done this before January 2012 and because I have not I could be fined about £1000. Grateful if someone could clarify this. Regard

    You need to complete a tax return to show how much you made for the period November 2011 - April 5th 2012, but if you do it online you have until January 31st 2013. If you are doing it on paper you only have until October 31st 2012.

    And the fine for late submission is nowhere like £1000 - nearer £100, I think.

    If this is new territory for you, I strongly advise you to engage the services of an accountant - at least for your first tax return. They can advise you about all the things you can offset against tax and in many cases they save you more money than they cost you to employ them.
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      #3
      Originally posted by mind the gap View Post
      You need to complete a tax return to show how much you made for the period November 2011 - April 5th 2012, but if you do it online you have until January 31st 2013. If you are doing it on paper you only have until October 31st 2012.

      And the fine for late submission is nowhere like £1000 - nearer £100, I think.

      If this is new territory for you, I strongly advise you to engage the services of an accountant - at least for your first tax return. They can advise you about all the things you can offset against tax and in many cases they save you more money than they cost you to employ them.
      Thank you for your response. If an accountant does it on my behalf, does he have until the end of Jan 2013 to submit

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        #4
        Originally posted by max5445 View Post
        Thank you for your response. If an accountant does it on my behalf, does he have until the end of Jan 2013 to submit
        Yes, he does.
        'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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