The UK operates a system of Self-Assessment in which an individual who receives a Tax Return is required to self-assess the amount of tax that is payable. If the Tax Return is filed late or is incorrect penalties are almost certain to be charged. Pay your tax late and you'll be hit for interest as well.

Where Tax Returns are sent to the Inland Revenue by post it is estimated that as many as 25% of all Tax Returns are processed incorrectly - figures are transposed, claims are overlooked, and details are keyed in incorrectly.

It is possible to download or order software enabling a Tax Return to be filed with the Inland Revenue over the internet. However, the introduction of internet filing has been dogged by problems and at this stage we would not recommend the use of the internet to file Tax Returns.

For these reasons we recommend that you should engage a firm of professional tax advisors such as Collett & Co Chartered Accountants to reduce the risk of your Tax Return being submitted incorrectly or late - exposing you to the risk of penalties - and to make sure that the Inland Revenue has processed your Tax Return correctly.

Once you have approved your Tax Return we will submit it using the Electronic Lodgement Service, which was set up for tax agents following the inception of Self Assessment in 1997. ELS enables us to input details directly onto the Inland Revenue's computer, helping us to make sure your tax bill is correct.

We also use tax planning software and checklists to make sure you are advised of opportunities to reduce your tax bill whenever possible.

The files below are for further information relating to this subject. These files are pdf files and will require you to have the Adobe Acrobat Reader installed.

•  Income Tax - Rates
•  National Insurance - What is payable and by who
•  Capital Gains Tax - Rates and tapering relief rates
•  Capital Gains Tax - Indexation Allowance
•  Inheritance Tax - Rates and Allowances

To request our further free factsheets please click here.

The correct amount of tax, the minimum amount of tax - contact
Collett & Co Chartered Accountants