If you normally receive a tax return each year, or have recently started your own business and informed your local tax office, you should soon be issued with a tax return by the Inland Revenue. The form must be completed and submitted by 31st January 2005 and the tax and national insurance paid on 31 January and July each year.

What does this mean for you?

If you fail to comply with these responsibilities, or complete the form incorrectly, you are likely to incur financial penalties. By 31st January 1998, some 810,000 taxpayers, 70,000 partnerships and 20,000 trusts had missed the deadline (Accountancy – March 1998).

If you do not receive a return

However, if you do not receive a return you may be subject to other provisions of the system. For example, a person who is not issued with tax return but suffers a captial loss, should make a claim under self assessment or lose the benefit of the loss against future profits.

The tax laws are constantly changing, and you may choose to employ the services of an accountant to ensure that your return is completed correctly, and your tax affairs planned efficiently.

When choosing a firm, it is important that your accountant informs you of the changes that might affect you as a result of the recent budget and that your accountant understands your requirements and what is distinctive about your financial affairs.

Hills & Peeks are able to offer a friendly and personal tax service to deal with your tax returns. Our aim is to ensure that your personal tax affairs run smoothly.

To do this our policy is to:

• Assist you in meeting your deadlines
• Deal with the Inland Revenue on your behalf
• Tailor make our service to you to meet your needs
• Keep you informed on all changes to the tax legislation which affects you.

We can also assist in many other ways:

• Business start-up's
• Sole traders, partnerships and companies accounts
• Corporation tax and planning
• Employee Tax
• VAT