Get a head start with your self-assessment tax return

by | Aug 8, 2018 | Blog

With the UK basking in its hottest summer since 1976, our experienced accountants want to take the heat off you when it comes to filing your self-assessment tax return.

This year’s tax returns relate to 2017/18, so any income worth more than £1,000 earned outside of PAYE between 6 April 2017 and 5 April 2018 needs to be included.

If you’re going through the process for the first time, fear not. Self-assessment is HMRC’s way of collecting tax from people who own a business or receive income outside of formal employment.

How much you pay depends on which income tax band you fall into, while a separate rate applies for any capital gains you may have made in 2017/18.

What records are needed to complete self-assessment?

Keeping accurate records is the most important aspect of completing your tax return.

If you own a business, sole trade, partnership or a company these will generate profits or other income which will need to be included on your personal tax return.

Keeping records of your income, business expenses, VAT records and so on will enable us to complete your tax return with ease, but also help us to advise you on the most tax-efficient way to manage your personal tax position. 

How will Dunkley’s handle my tax return?

You’ll be in good hands if you want us to handle your personal tax return or company tax return.

Once you authorise us, the Revenue will send copies of all correspondence to our experts. We will then be in touch to let you know what records we need from you before submitting your tax return online.

We will apply any tax reliefs to minimise your liability and submit your tax return before the 31 January 2019 deadline for online submissions, which is the most popular way to file tax returns.

Being Xero heroes and gold partners, platinum partners of QuickBooks, and Sage One certified advisers also enables you to share your records with us in more ways than ever before.

With Making Tax Digital (MTD) coming in for VAT-registered businesses from April 2019, it makes sense to move towards cloud accounting before MTD comes in for individuals in the near future.

If you want to handle your own tax returns, we offer impartial advice to assist you along the way. It’s also worth noting the deadline for paper returns is at midnight on 31 October 2018.

Are there penalties for missing the first deadline?

There’s no danger of us missing the deadline to file your tax return, but people who miss the 31 January 2019 deadline after taking on the task themselves face an automatic £100 penalty.

This penalty is frozen for 3 months before a penalty of £10 a day for 90 days applies thereafter.

Returns filed 6 months late are charged the higher of £300 or 5% of the tax due, while you may be asked to pay 100% of the tax due as a penalty for returns that are 12 months late. 

Want peace of mind?

Filing tax returns is our bread and butter. Get in touch by emailing or calling 01454 619900 to find out more.

What can we do for you?

If there’s anything you’d like to know about Dunkley’s, we’d love to hear from you.