Advice For Writing A Self-Assessment Tax Return
Whether you are doing it for the first time or you do it regularly, working on your self-assessment tax can feel like a daunting task. However, it doesn’t need to be stressful. Here are a few steps that can make the process of writing your self-assessment tax return easier.
There are two main deadlines for filing in your return- the first is the postal deadline, which is the 31st October. For people filling in online, the deadline is 31st January. Remember when you register online you have to activate the account within 28 days after you receive the code or you will need to get a new one (which will take another 28 days).
Remember for each tax return you will be filling it in for a certain period (for example April 2016 to April 2017). This means you will need to have bank statements, pay slips, P60 (if earning over £8500), a P11D form (to outline expenses and benefits) as well as information on pension contributions and Gift Aid donations.
When you fill the form in online, it will automatically remove any sections that are not relevant to the information you put in. When sending out the posted form remember to check sections to see what information you need to put in as your form may be sent back to you if HMRC feels that you have not given them the full details they need.
No need to rush
With an online form, you can add details and then save so you can fill in the rest later on. Likewise, with a postal form, there is no need to do everything at once. It is better to check it over before submitting the return online or posting it.
Once you have submitted online, you should get a reference number and confirmation number. When you have posted your tax return, it is best to send it via recorded delivery to confirm when you sent it, and you have that information to give to HMRC.
Remember- the deadline is not just about sending the form. You also have to make sure that any payable tax is paid off before the deadline, in order to avoid any fines.
We can help
There is information available on government websites that can guide you through filling in the forms and writing tax returns. However, sometimes it helps to have a specialist that can guide you through and offer more personalised advice.
At Larcomes Financial Services we work closely with our clients to help them get more from their money and support the smooth running of their businesses and personal financial circumstances. We have both the specialist professionals and resources for our clients while at the same time also giving the level of customer service people expect from a family firm.
For more information or to discuss your self-assessment tax return in more detail, please contact us today and we will be happy to help you.