Here at TWD we are constantly being asked tax related questions relating to photographers and small businesses. Here is a select few, which you might find interesting.
Q. Does Self Assessment really mean that I have to calculate my own tax? It seems very complicated.
A. No. You do not have to calculate your own tax under Self Assessment. However, if you require the tax office to calculate your tax liability in time to pay the correct amount on time (31st January), you will need to file your return by 31st October.
After this date, the tax office will still calculate your liability but they may not advise you of the amount to pay in time for the deadline and you will be charged interest on late payments.
Q. What happens if I do not fill my return in on time?
A. 1 day late - You will be fined a £100 fixed penalty. This applies even if you do not owe any tax or you have already paid the tax due.
3 month late - You will be fined £10 per day for each following day up to a maximum of £900 in addition to the fixed penalty above.
6 months late - A further £300 penalty or 5% of the tax due, whichever is higher, will become payable. Again in addition to the above penalties already imposed.
12 months late - A further £300 or 5% of the tax due, whichever is higher will become due and in some cases you may be asked to pay up to 100% of the tax due instead. This is in addition to the above penalties. In total you could be looking at minimum penalties of £1600 for failing to file your tax return on time.
The Societies of Photographers Convention and Trade Show at The Novotel London West, Hammersmith ...
You have 0 days until The Societies of Photographers Convention starting on Wednesday 22nd January 2020