As everyone is aware that after 5 April, it is time to complete the Self Assessment Tax Return.
The following taxpayers are required to complete a Self Assessment Tax Return (SATR):
All Directors
Sole Traders
Individuals in a Partnership
Individuals with Property Income
Individuals who have disposed of Property
Individuals who are on Higher Rate tax bracket.
Many of the clients have already provided the information and the tax returns have been completed and submitted.
Some have not yet provided the information.
The purpose of this reminder is to alert everyone to provide the information, if they have not already done so.
If the information is provided after 30 June, it will be subject to additional increased charges.
So, in order for us to help you, keep your costs down, please provide the information by no later than 31 May.
In some cases, where the information is not available, the one month extension is given for this reason.
It is particularly important for higher rate tax payers and directors, as HMRC are looking to collect increased taxes and penalties.
What & Why has the SA316 been Served?
You may have been served the above SA316 “Self Assessment: Notice to Complete a Tax Return”.
HM Revenue & Customs are required, by law, to serve this notice.
The notice is served to every individual who is required to complete a Self-Assessment Return (SATR).
It could be served at any time but usually in April or May each year.
Anyone served with this notice is required to complete a SATR for that year, within time limits.
If hard copy SATR returns are submitted, this must be done by 31 October.
Otherwise, generally online, this is required by 31 January following the tax year ending 5th April or;
Within three months from the date of the serving of notice.
Whichever is the later.
What do I need to do?
Anyone receiving this notice is legally required to submit a Self-Assessment Tax Return (SATR).
The exception to this is that if you believe this notice was issued in error; or
You no longer need to submit a tax return.
In which case you can ask HM Revenue & Customs to withdraw this notice.
HM Revenue & Customs must be advised in advance to cancel the notice.
Such agreement to cancel is mandatory.
There are penalties for late submission.
Is Form SA316 a Tax Return?
This is not a Tax Return.
It is often mistaken for form SA100, which is the actual Self Assessment Tax Return form.
In most cases tax return SA100 can be submitted electronically directly to HM Revenue & Customs.
An electronic Self Assessment Tax Return must be submitted by 31 January.
However, a paper Self Assessment Tax Return is required to be submitted by 31 October.
Failure to submit the SATR will lead to interest and penalties, information about the penalties is given in the links below.
Time Limits (Not Negotiable)
31 October following the tax year to which the return relates if a paper return is filed.
31 January following the tax year to which the return relates if the return is filed electronically.
If the notice to file, or a tax return containing the notice to file, is given after 31 July following the tax year to which the tax return relates, the filing date is the later of three months from the date it is given, or, if the return is filed electronically, 31 January.
