A helpful guide on how to submit self-assessment Tax Return:
Some taxpayers must fill-up the self-assessments annually and pay the tax if applicable. The deadline to file the self-assessment tax return’s is 31st October 2019 (if you do paper filing) and 31st January 2020 (if you do online filing. If you missed the January 31st Self-Assessment deadline, you will be fined £100 for a late return. You have 30 days to pay your tax before 5% is charged on it. You have 90 days to get your return in after which it will cost you £10 a day in fines.
The payment of taxes has to be made by 31st January 2020 (tax for the year plus payment of account if any) and second payment on account has to be paid by 31st July 2020.
Who must file a self-assessment tax return?
You are required to file for self-assessment return if you are one of the followings.
- Self-employed or Partner in the partnership business,
- Director of a company,
- Have income from tips and commission,
- Have income savings, investments and dividends
- Foreign income
- Employed income above 100,000 per year,
- Landlords and
- Sold a property and have capital gains tax to declare.
Documents requirements to file a self-assessment:
You need to keep all your business records or key documents before submitting your return online through the HMRC website. Please keep these documents safe for up to 5 years as HMRC can inquire to see your documents later on if you send return online and any type of avoidance in bookkeeping can lead up you to fines from HMRC.
Following is the list documents that you need to retain for self-assessment tax returns including:
- Cheque book stubs
- Bank statements
- Any dividend voucher that you have
- Your self-employment accounts including payroll and expenses
- Investment records and investment transactions
- Information on other income such as savings, pensions, property, investments that you receive
Importance of accountant in submitting self-assessment:
You can also appoint a personal tax accountant who can assist you in your personal tax affairs and who are expert at submitting your returns and maximizing your tax relief. Once you disclose your income and hand over your organized business records to your tax accountant, they can prepare your tax return and also calculate your tax payable and submits the return online on your behalf once you have approved it.
Our team of expert Accountants in Reading Berkshire provide every service related to accountancy and taxation. We have vast experience in personal tax issues including income tax, capital gains tax, tax disputes, self-assessments, tax relief and claiming, foreign income tax and inheritance tax. So, if you want to submit your self-assessment, get structure your tax affairs in a well- organized way and know about all your available tax reliefs options during submission of returns, then you can hire the services of our professional team of personal tax accountants.