Mead Turner & Co. Ltd.
...frequently asked questions...
If you have any question which is bothering you regarding your tax and accountancy affairs, please use the contact page to get in touch with us.
- I have received my tax return from the Inland Revenue what do I do with it?
Forward to us as soon as received we will deal with the form to ensure that it is filed correctly and on time. This enables you to know what liabilities or refunds are due at an early stage.
- I have received a document from Companies House what do I do with it?
Forward to us as soon as received we can consider what action if any is required.
- How long will my accounts take to complete?
At Mead Turner & Co. Ltd. we ensure that all accounts are prepared quickly and accurately. This enables our clients to rest assured that all time limits are met.
- When do I need to get my books and accounting records in by?
As soon as practically possible. Some trades will be best served to leave the records a few months others can bring them in straight after their year-end.
- How do I pay my personal tax?
You will normally be sent a payslip with the amount due on it. You should use this payslip as it has your personal details encoded within it. You should check that the amount requested is in agreement to that as advised by Mead Turner & Co. Ltd. If there is any doubt contact Mead Turner & Co. Ltd. before payment is made. If the tax return is not submitted early, then a reminder to submit the return should be sent by HMRC to you with a blank payslip at the bottom. This payslip should be completed with the amount and used for payment. You should enclose a cheque made payable to HMRC with your payslip and forward it in the envelope provided. It is always good practice to write your ten digit reference number on the cheque in case the cheque and payslip become separated. You may also be able to pay electronically or by telephone, details are on the reverse of the HMRC statement.
- When do I pay tax?
Personal tax not paid at source, payable on 31st January and 31st July each year.
PAYE, monthly on 19th of the following month. If monthly liability is less than £1,500 then this may be paid quarterly.
VAT, on the last day of the month following the quarter end.
Corporation Tax, 9 months after accounting period end.
- I haven’t received a tax return, what do I do?
You may not be due to file a tax return. If you are then :-
- If Mead Turner & Co. Ltd. filed one for you last year electronically, we will do so again this year, and you should receive a “Notice to Complete a Tax Return” reminder from HMRC.
- If Mead Turner & Co. Ltd. filed one for you last year manually, then please let us know that you have not received one and we will request one for you if required.
- If you have any doubts then contact Mead Turner & Co. Ltd. as soon as possible.
- What happens if I don’t pay my tax on time?
Interest always accrues on late payments of tax on a day by day basis. The rate of interest is just above the Bank of England base rate depending on the tax paid late.
There is a 5% one off penalty for payment of previous year personal tax if not paid by 28th February.
HMRC are normally unsympathetic and usually require communication directly with the tax payer as to personal circumstances. If you are having difficulty paying your tax please call Mead Turner & Co. Ltd. for advice.
Forward to us as soon as received we will deal with the form to ensure that it is filed correctly and on time. This enables you to know what liabilities or refunds are due at an early stage.
Forward to us as soon as received we can consider what action if any is required.
At Mead Turner & Co. Ltd. we ensure that all accounts are prepared quickly and accurately. This enables our clients to rest assured that all time limits are met.
As soon as practically possible. Some trades will be best served to leave the records a few months others can bring them in straight after their year-end.
You will normally be sent a payslip with the amount due on it. You should use this payslip as it has your personal details encoded within it. You should check that the amount requested is in agreement to that as advised by Mead Turner & Co. Ltd. If there is any doubt contact Mead Turner & Co. Ltd. before payment is made. If the tax return is not submitted early, then a reminder to submit the return should be sent by HMRC to you with a blank payslip at the bottom. This payslip should be completed with the amount and used for payment. You should enclose a cheque made payable to HMRC with your payslip and forward it in the envelope provided. It is always good practice to write your ten digit reference number on the cheque in case the cheque and payslip become separated. You may also be able to pay electronically or by telephone, details are on the reverse of the HMRC statement.
Personal tax not paid at source, payable on 31st January and 31st July each year.
PAYE, monthly on 19th of the following month. If monthly liability is less than £1,500 then this may be paid quarterly.
VAT, on the last day of the month following the quarter end.
Corporation Tax, 9 months after accounting period end.
You may not be due to file a tax return. If you are then :-
- If Mead Turner & Co. Ltd. filed one for you last year electronically, we will do so again this year, and you should receive a “Notice to Complete a Tax Return” reminder from HMRC.
- If Mead Turner & Co. Ltd. filed one for you last year manually, then please let us know that you have not received one and we will request one for you if required.
- If you have any doubts then contact Mead Turner & Co. Ltd. as soon as possible.
Interest always accrues on late payments of tax on a day by day basis. The rate of interest is just above the Bank of England base rate depending on the tax paid late.
There is a 5% one off penalty for payment of previous year personal tax if not paid by 28th February.
HMRC are normally unsympathetic and usually require communication directly with the tax payer as to personal circumstances. If you are having difficulty paying your tax please call Mead Turner & Co. Ltd. for advice.