Advice For Completing Your Self-Assessment Tax Return
Completing your self-assessment tax return can feel like a daunting task. However, it is something that is a process that can be made easier. Here are a few tips to help make completing your self-assessment tax return easier.
Who needs to complete a tax return?
If you are self-employed, do self-employed work in addition to a salaried job or a sole trader, then you will need to do a self-assessment. You may also be required to submit this if you are a higher rate taxpayer and want to apply for tax relief on pension contributions. In order to check whether you need to do this look on the HMRC website.
There are two deadlines for completing your self-assessment. The first is the paper return, which is due on the 31st October (please note that this needs to arrive before this date). If you complete it online, then you have until 31st January.
If you do not fill in your tax return on time, then you will face a £100 fine. It is also important to remember that any payments need to be made before the deadline, as well.
If you have already been registered, you don’t need to do this again, but if not, then you will need to register and get an activation code (this can take up to 10 working days, and you can’t submit online without it).
Before filling out the form, check to make sure you have all the paperwork for the tax year (April to April). This can include payslips, expense repeats, electronic transfer information, and so forth.
If you have a question about your return, it is recommended you check the HMRC website. Aside from having all the information available, people have reported dissatisfaction with calling the HMRC helpline, so this should be avoided if possible.
Use an accountant
Using an accountant to fill in the tax return can be very useful. While it will cost an additional fee, the amount of money saved in terms of paying less tax can often make the cost worth it.
Create a spreadsheet
Creating processes to record expenses etc. can reduce problems later on. If you have had problems with this in the past, you should learn from this and adapt (there are various programs that can help with this, simplifying the process).
Another recommendation is to be prepared for paying taxes. Having a savings account specifically set aside for a portion of your income can reduce the risk of not paying and creating problems later on.
We can help
It is understandable that people can be nervous when it comes to submitting their forms. If you are worried about aspects of filling in the self-assessment tax return or need advice, we are here to help. At Larcomes Financial Services, we will guide you through this process, making sure that all the necessary details are properly filled in. To find out more or to talk this over with experienced professionals, please contact us today.