GUEST BLOG: Self Assessment Tax Return FAQ by Anita Gossain

No matter how long you spend procrastinating the self-assessment deadline will still arrive at midnight on 31 January 2019.

As the deadline approaches the most popular questions are:

Do I need to fill in a tax return?

HMRC have the criteria listed and a simple question to google will assist.  Generally, however a tax return is required where you are self – employed, have income taxed via PAYE over £100,000, or have income not taxed at source such as rental and investment income, or you are a director of a UK company.  You can use the link below if you are not sure.

Check if you need to fill in a Self Assessment tax return

How do I know how much tax I owe?

Filing the tax return online with HMRC or using an agent will give you the answer as the form is prepared.  Early submission by 31 October 2018 also allows HMRC enough time to calculate the tax on your behalf.

How do I send my return online?

You will need to register through the Government Gateway.  I suggest this is done as soon as possible to enable filing of the return in time as it can take a few days for the access codes to be posted out.

Register for and file your Self Assessment tax return

Where can I access help with completing the form?

HMRC have a YouTube Channel with various tutorials to help you complete the form:

https://www.youtube.com/user/HMRCgovuk/featured

You can also call them on:
0300 200 3310

What is the filing deadline?

For the 2017/18 Tax Return the deadline is 31 January 2019 – 10 months after the end of the tax year.

Other items to consider are claims for pension contributions and charitable donations paid in the year or investments on which tax relief is available such as Enterprise investment Schemes where 30% tax relief is available, and can be carried back to the prior year to give the earliest tax saving.

 Whilst completing your return, maybe it is time to consider your assets and whether you have your affairs structured in the most tax efficient way.  Could you make simple changes that would reduce your taxes as well as those across the family? Do you want to consider options in the new year, and make plans before the current tax year  - 2018/19 comes to an end?

 About Anita

The fabulous Anita is an experienced Senior Tax Manager with a key focus on helping senior Executives understand their remuneration package to save them time and money. A demonstrated history of working in the accounting industry. Skilled in Tax, Tax Preparation, Tax Planning & Structuring and Tax Advisory.

 If you need help on submitting your Tax return or any other tax queries you can contact her via:
Telephone: 07570132982
Email: anita@sostaxadvisors.co.uk