With Christmas and New Year a distant memory now, attention turns to the 31 January 2018 deadline for self-assessment tax return. Don’t let that post holiday lull lead you into problems with the tax man, because as we all know the tax man waits for no one! If the tax return is filed after the end of January, you will face an automatic penalty of £100. The penalty is issued by HMRC and will increase if the return is delayed further.
How do I know if I need to submit a tax return?
If you fall into one of the following categories, it is likely you will need to submit a tax return:
- If you’re a director of a Limited company
- If you’re self-employed or a sole trader
- If you’re renting out a property
- If you or your partner receive child benefit and your income is more than £50,000
What should I do before I submit my tax return?
Although the deadline is just around the corner, you still have time to complete your tax return. We have compiled a list with a few tips to try and help you do it more efficiently and quickly.
- Understand your financial year – your tax return is in relation to income and gains for the financial year between 6th April 2016 and 5th April 2017
- Prepare all the correct documents you need
- Make sure you organise your paperwork
- VAT – don’t forget to separate your VAT from your income
- When collating information be as accurate as possible
- Don’t miss the deadline if you want to avoid penalties
Can you help with my tax return?
Yes, of course we can! Here at Magpie Accountancy we understand that filling in a tax return can be complicated and confusing. It is a time consuming process and difficult at times which is why we are on hand to help. But if you choose to go ahead and make the submission yourself, then “Don’t delay, submit today!”.