articles/Business/selfasses20056-page1

Do I really need to submit my 2005/06 Self Assessment to the Inland Revenue before 30 September 2006. - part 1 of 1

Published 01/09/2006

In short no, the ultimate deadline for submitting your 2005/06 Tax Return is the 31

January 2007.

However, for those completing the Tax Return themselves AND wanting the Inland Revenue to do the calculations they MUST submit before the 30 September 2006. By doing this the Inland Revenue will guarantee to advise them of any tax payments required by 31 January 2007.

For those submitting the their Tax Returns after 30 September 2006 the Inland Revenue will not guarantee sending you a bill before the 31 January 2007 deadline but the tax owed MUST still be paid, even if they have not sent a demand. Any subsequent late payments of tax will then attract late payment interest and possibly surcharges.

If you employ the services of an accountant or professional advisor they should always calculate your tax bill thus extending the deadline until the 31 January 2007.

I have just bought some new clothes for work; can I put this cost through my accounts?

That depends. If you have bought normal smart clothes such as pants and shirts from say M & S then the answer is no. Under current legislation these items would be regarded as having duality of purpose and would therefore not be classed as a tax-deductible expense. Effectively tax relief is not available because normal items of clothing purchased for work, could be worn on social occasions.

However, if your clothing had a business logo embroidered on them then not only the cost of buying these items but also the cost of cleaning them could be shown in the accounts. This is because the clothing is now clearly identifiable as work wear and is 'wholly and exclusively' used for the business.

www.twdaccounts.co.uk/swpp.htm

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1st Published 01/09/2006
last update 09/12/2022 14:58:49

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