This month we are focusing on Self-Assessments. Self-Assessment is a system HM Revenue and Customs (HMRC) use to collect Income Tax. If you are employed, tax is usually deducted automatically from your wages on your payslip. It is also deducted from pensions before they are paid out. People who collect income from other sources must report this in a tax return. The deadline for submitting self-assessment for the 2016-17 tax year is 30th October 2017 for posted paper submissions or 31st January 2018 for online submissions.
To decide if you need to submit a self-assessment you would need to fall into one of the following categories:
You are self-employed or a Partner in a small Partnership.
You are a Company Director.
You are a landlord of property or land and receive income from renting it out.
You have large amounts of savings or investment income of which you receive interest
You have sold or given away assets such as a Holiday Home, Shares, or a Second Property (this falls into Capital Gains)
You have foreign income
You live or work abroad (and don’t live in the UK) but are still registered on the HMRC tax system.
If any of the above apply, you should register with HMRC to submit a self-assessment. This can be done online, with a Government Gateway either by yourself, or by calling us and arranging an appointment where we can help get you registered and then advise on how to submit your return. Likewise, if the whole process of submitting your own self-assessment is becoming rather daunting, just give us a call and we will be happy to help.
The basic information required to ensure a speedy self-assessment tax return is submitted to HMRC are: Income, Expenditure, Bank Statements, Share Capital/Dividend Certificates, P60’s from employed work, Bank interest, Pension P60’s, any income and expenditure from Rentals.
If you fall into one of the above categories and need some help preparing and/or filing your Self-Assessment tax return, please contact us on 01743 790086 or email email@example.com we will then arrange an appointment for you to come in and discuss your requirements, devise a plan and if you are happy with our suggestions, we will help you get your tax return filed before the deadline and avoiding any unnecessary penalties.