Know how to complete self-assessment as online deadline looms
January can bring a new start, exciting prospects and new year’s resolutions – but for business owners who have not yet submitted their self-assessment tax return, it can bring stress. Knowing how to complete self-assessment is a must, if the dreaded task has not already been done. So, here are a few pointers to help you on the way to getting this duty fulfilled.
Know the deadlines
The deadline for filing the self-assessment tax return is 31st January, 2018. However, if you have never filed one before, you’ll have to register with HMRC first. You must allow up to 20 days for this registration to go through – as you’ll need an activation code – so time is of the essence! Failing to register in time is not an excuse in HMRC’s eyes, and automatic £100 fines will be issued to those not submitting self-assessment on time. If you want HMRC to collect your tax from wages and pension, the deadline for submission is 30th December. This is only for people eligible to pay tax in this way – which is those who owe less than £3,000 and pay tax through PAYE.
Be prepared with all required information
One of the most important elements when considering how to complete self-assessment is having the necessary information to hand. You will be required to enter details from your accounts if you are self-employed, P11D and P60 forms from employers if you are employed, information on tax deductible elements and bank statements. You will also be required to fill in details of income from other sources, such as dividends from trusts. Having all this in one place won’t be a problem if you have been diligent on book keeping. If not, make it your new year’s resolution!
Call for help instead of burying your head in the sand
HMRC provides a variety of self-assessment help resources on its website, such as videos and webinars that people can join to learn more about how to complete self-assessment. These can be invaluable. However, if it all just gets too much, getting a professional to help could be the answer. Appointing an accountant to do the self-assessment tax return on your behalf can remove the burden and relieve your stress, and is often well worth the outlay. However, with the deadline fast approaching there really is no time to waste if you are planning to do down that route.
Need help with your self-assessment return? Get in touch now on 01827 54944.