Self Assessment Tax Returns
There are many circumstances why you need to file a self assessment tax return. If you are self employed, a director of a company, a trustee or if you have foreign income or any other income which is not taxed.
You are legally obliged to declare your income and will be required to file an online self assessment tax return annually by the 31st of January, and make twice yearly payments towards your tax liability.
We can assess and determine your tax position and advice the best stratergy to minimise your tax liability, by managing your tax affairs to ensure if there is any tax savings to be made.
Vincent & Co. use the latest up to date digital software which allows us to file online returns.
Book a free no obligation consultation.
Changes to Annual Investment Allowance from 6th April 2012 and Maximising tax relief for the cost of machinery
Changes to Annual Investment Allowance from 6th April 2012 and Maximising tax relief for the cost of machinery
What is Annual Investment Allowance (AIA)?
The AIA is a form of capital allowance which offers tax relief at 100% on all qualifying expenditure on plant and machinery in the year of purchase. Currently the maximum you can deduct is £100,000. However, from 6th April 2012 this amount is being reduced to just £25,000.
There are exceptions to the plant and machinery that qualifies for AIA such as cars and plant and machinery gifted to your business.
AIA is adjusted for short or long accounting periods, and also for accounting periods that span the rates and dates of differing AIA.
Self Assessment Deadline is 31st January
The deadline for filing your self assessment tax return for the year ending 05th April 2011 is the 31st January. If you do not file by this date you could face penalties.
