With the end of the year just around the corner, it is important as an umbrella and limited company contractor, to start thinking about your personal tax return for the 2013/14 tax year and to ensure you have paid any tax due by 31st January 2015.
If you are an umbrella company contractor it is key to ensure you make a Personal Tax Return for any income over £100k , if you are continuing to claim Child Benefits when income is more than £50k and if you receive any income from letting any property owned.
If you are a limited company contractor, you are required to make a Personal Tax Return irrespective of your income levels. The status of being a Director of your own limited company automatically brings you into the Self-Assessment system.
Remember, that filing your Return late can lead to possible penalties. This includes a £100 fine, which is not repayable and a possible 5% surcharge for any late payment of tax, including interest which runs from the tax payment date of 31/1/15 at 3% pa.
However, on the flip side if you, as an umbrella or limited company contractor, have any overpaid tax during the year, the earlier the Tax Return is filed the sooner you can get the tax back from HMRC.
Therefore, it makes sense to get moving on preparing your tax return now. PayStream's Tax Team are here to help you. Our current fee for taking the stress out of what can be a difficult process is just £155 + VAT for a standard Return if you sign up and pay before 30 November 2014.
If you would like to sign up, have any questions or are uncertain how the rules apply to you, please don't hesitate to call the PayStream Tax Team on 0161 929 6000 or email us at firstname.lastname@example.org