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Frequently Asked Questions (FAQs) at Beach Accountants
Q. What are my tax allowances?
A. Your personal tax allowance changes on a yearly basis and are currently £5035 for 2006/2007. For more information see the Resources page.
Q. How much Tax will I pay?
A.. This depends on your profits minus annual exemptions and capital allowances.
Q. What happens if you are late with your Self Assessment Tax Return?
A You will automatically receive a £100 penalty on 1 February 2007. However you are also increasing the risk of a Tax Investigation. If you still do not send your Tax Return into the HM Customs and Revenue by the end of July 2007 you will receive a further penalty of £100
Q. When I start Self Employment, how long do I get before I inform the HM Customs and Revenue?
A. HM Customs and Revenue allow you 3 months to register from when you start trading. There is also a penalty if you fail to register in the time frame.
Q. Do I have to keep books and records?
A. There is a fine up to £1000 for failure to keep good accounting records. It is important to keep your Book Keeping up to date.
Q. How do I set up a Limited Company?
A. Beach Accountants offer a service that can do a name check and set up the company on your behalf
Q. What is the last date to file my Self Assessment Tax Return?
A. The last date is 31 January. However, we recommend that you have your Tax Return submitted well in advance of this date.
For further information or advice contact Beach Accountants
Tel: 0191 427 7773 | Fax: 0191 427
7774 | Email: firstname.lastname@example.org
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