Sole traders across the UK will notice letters from the taxman dropping through their letterboxes in the days ahead, reminding them that the tax year has ended and it’s now time to file their Self-Assessment Tax Return. Of course, the deadline for filing is 31st October for paper returns, or 31st January (2019!) when filing online. No sense doing today what you can put off until tomorrow, and tomorrow, and tomorrow…right?
Maybe. But maybe not.
Submitting your tax forms correctly and on time can be a confusing business. To take some of the strain out of filling out your returns we’ve put together this handy guide:
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!”.