Self Assessment
HMRC must receive your tax return with any outstanding payments by the deadline that applies to you. A penalty is charged if you are late without a reasonable excuse.
Throughout the year records of bank statements / receipts will need to be kept to produce quarterly reports. Bourne and Bargery Accountants can sort through your paperwork to file your tax returns for you. We can:
- Deduct allowable expenses from your tax return
- Sort out payments for Capital Gains Tax
- Resolve any issues with HMRC
- Represent you at penalty hearings
- Handle correspondence with financial officials
- Keep your books for you
Never Miss A Deadline
| Self Assessment | Deadline |
| Register for Self Assessment | 5 October 2023 |
| Paper tax returns | Midnight 31 October 2023 |
| Online tax returns | Midnight 31 January 2024 |
| Pay the tax you owe | Midnight 31 January 2024 |
Additional Payment Deadline is 31 July if you make payments in advance.
Personal Allowance
| Tax Band | Taxable Income | Tax Rate |
| Personal Allowance | Up to £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | £50,271 to £125,140 | 40% |
| Additional rate | over £125,140 | 45% |
You don’t get a Personal Allowance on taxable income over £125,140.
Making Tax Digital for VAT
The vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.
Dividend Allowance
Dividends that fall within your Personal Allowance do not count towards the £3,000 dividend allowance. The current rates are:
| Basic rate | 8.75% |
| Higher rate | 33.75% |
| Additional rate | 39.35% |