We are sure at this time of year you would much rather be thinking about your work Christmas party or finishing off your Christmas shopping but with the personal tax return deadline fast approaching it is essential to get your Self Assessment filed before it’s too late.
Do I need to file a tax return?
If you are a director of a limited company then the answer is yes! If that’s not you then take a look at who needs to complete a Self Assessment? to check whether this applies to you or not.
Registering for Self Assessment
Before starting you will need your Unique Tax Reference (UTR), you will find this on any Tax returns or other correspondence from HMRC regarding your Self Assessment.
If this is your first time and you have not received any correspondence then you must register for Self Assessment ASAP.
How to file a Self Assessment?
The First step is to sign up to use HMRC Online Services (https://online.hmrc.gov.uk/registration/), HMRC will then post you an activation code which you will use to activate your account online.
You will be expected to enter details of all income received in the tax year, this could include employment income, rental income, dividend income.
If you have been operating through a Ltd company then you will need to declare your salary (from a P60), details of your dividends (from dividend vouchers) and possible details of certain director expenses/benefits (from a P11D).
You can save your progress at any time and review the completed return before submitting.
How long do I have?
You must file your Self Assessment online before midnight on January 31st, failure to do so will result in instant penalties.
Last year the penalty system for Self Assessment was made a lot stricter with penalties now being issued even if no tax is due so be sure to file on time!
Let us handle the stress
If all of this is just too daunting for you or you simply have better things to spend your time on then don’t worry we have it covered!
We offer a full Self Assessment service with reduced pricing for existing clients and prices starting at just £75+VAT for a simple return. Higher charges may apply for more complex returns.
For more information get in touch with your account manager or visit www.hmrc.gov.uk/sa