Individuals

Employee or Director

LaiPeters & Co offers a Self Assessment service where the burden of filling out the tax return and calculating what tax is due can be taken off your shoulders.

Most employees do not get a tax return to fill in and have their income tax deducted at source by their employers or pension providers through the PAYE system, which will carry on as before.

The Key Features of Self Assessment:

• A current year basis of assessment
• One set of payment dates for tax not paid at source
• One main point of contact for your tax affairs
• Fixed, automatic penalties for late returns, and interest and surcharges for late payments

Clear obligations for keeping records.

Normally you will only know that the Revenue has processed your return when you receive your statement of account, showing the tax due based on the figures which you have declared. The only time they will contact you following receipt of your return is when they have had to correct an entry on the return, or they have worked out the tax for you.

Keeping Good Tax Records each Year:

• Everyone must by law keep records of their income, capital gains and expenditure for at least 22 months after the end of the tax year to which they relate, so that they can fill in a Tax Return fully and accurately if they get one.
• People who have businesses, such as the self-employed, partners and those letting property, must keep their records for at least five years and ten months after the end of the tax year to which they relate.
• Keeping good, well organised records will make it easier to fill in your return.
• Keep all your tax records in one place. It is a good idea to keep the papers for each year in a separate 'tax' file, large envelope or box.
• You will find it easier to manage your tax affairs if you keep them up-to-date. If you get behind, you may have to pay interest, surcharges and penalties. If you are not clear about what you need to do, get in touch with your Inland Revenue office or tax adviser.