How to Pay Tax for Spa Business in London

Generally, a spa in London has two methods of filing tax returns in the United Kingdom. The first option is by post and the second and quicker method is online. A tax return is necessary for every person, who is either employed or self employed and earning over £2,500 and is not just a specific requirement for spas. Another rule that needs to be followed is that the taxable person or company should send his or her tax returns by midnight of October 31, if they are filing a paper copy. In case of online tax return, the taxable person will get extra time to return his or her tax returns, as they can submit them by midnight of January 31. If the tax payer misses the deadline, he or she will be automatically fined £100. Remember the tax year in United Kingdom starts from April 6 and ends on April 5.

Instructions

  • 1

    File Tax Return Online


    If you are planning to file tax return, first you need to register your account with HM Revenue & Customs, in case you are filing online. You can find "Register" tab under "Do it Online" on the home page of the HM Revenue & Customs website.


    After that, fill out the pertinent sections related to you on each page to set up an account. Then, you will be asked if the account is for a business or an individual, choose business from it as you are filing tax for a spa in London and similarly select services as per your need.


    Then, give your email address and create a password in order to continue for the registration of your account. Subsequently enter your "Unique Taxpayer Reference" along with either your "Postcode" or your "National Insurance Number". After filling out these pertinent requirements, you will receive an activation pin on your email (that you given earlier). Use this pin to log into your account.


    After logging into your account, fill the "Self Assessment" form and submit it. This will immediately give you the tax amount you owe. Once the tax amount is determined you can pay it online using your debit card. When your tax return is received you will get an electronic receipt.

  • 2

    File Tax Return by Post


    In case if you don't have access to internet or for some reason cannot return your tax online then, file it by post.


    Call HM Revenue & Customs at this number +44 084 5900 0404 to order a Self Assessment form. Or you can also order it online. Those who had filed tax return earlier will automatically receive a Self Assessment form through mail in April.


    Fill this form and make a cheque payable to "HM Revenue and Customs only". Although, your owing amount is due by January 31, but you must file your tax return paper by October 31. Once your tax return papers are complete, send them at below mentioned HM Revenue & Customs address along with the cheque.


    HM Revenue & Customs


    OR


    Find one close to you.

  • 3

    Tax Accountant


    You can take the help of a professional tax accountant, who will guide you through the entire tax return process. As few tax returns are quite tricky. Below are few accountants that you can add to your search list.


    (a) MS Accountants


    (b) Wisteria Limited


    (c) TaxAssist Accountants



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