LEARNING POINT - TAX

Rebecca Harrison of Coleman Bradshaw local accountants delivered an insightful learning point on the confusing subject of self assessments, payment on account:

Payments of Self Assessment Tax are calculated from your Individual Tax Return, towards the current years tax payable figure

Who has to pay them?

Sole Traders and Partners of a Partnership or
When the tax liability for the previous year was greater than £1,000

What do I need to do?

HMRC are currently issuing statements with details of how to pay and the amount due.
If you do not receive a statement shortly check with your advisor the amount you need to pay by 31st July 2010.

Ensure that HMRC receives payment by 31st July 2010 Interest will be charged on late payment.

You can contact Rebecca at Coleman Bradshaw to discuss more how this affects your business on 01629 581681