Last Minute Advice for Filing Your Self-Assessment Tax Return 

The self-assessment tax return deadline is approaching fast and if you haven’t already filed yours, you may be looking for some last-minute advice. Well, in this guide, we are going to be giving you just that! 

We have previously discussed how and why you should be filing a self-assessment tax return to HMRC and the consequences if you fail to do so, but let’s give you a refresher. 

Most self-employed individuals working in the UK will pay tax through HMRC if they have earned over £1000 annually. Tax returns can be really simple if you stay on top of your accounting books each month and you’re organised, but for some, it can slip to the back of their minds. Here are some of our top tips for getting those submissions in last minute. 

Tip 1: Ensure That You Have All of Your Personal Information Ready 

Things like your National Insurance number, UTR, any P45 or P60 forms if you have them, and a valid form of ID, will be required on your HMRC account for a valid application. 

Tip 2: Income Records Must Be Ready 

Your income records must be attached to your tax form. You can either submit with exact numbers with receipts and invoices, or alternatively if you don’t have exact numbers, you can submit them to the best of your knowledge. We always recommend storing away all of your invoices and receipts just in case there are any issues where you may need to provide proof of payments in and out of your business accounts.  

Tip 3: Don’t Forget to Mention Any Charitable Donations or Capital Gains 

If you have made some different outgoings or had any unrelated incomes, then this also must be mentioned as it can cause issues with the amount of money owed to the HMRC and government. Anything like donations to charities and Gift Aid, these could potentially reduce your tax liability. Capital gains must also be accounted for. For example, if you have sold a property within that tax year or you have come into some money that is over £1000, you must have records of those payments. 

If you have fell behind with your tax return and you are now panicking about getting it submitted in time, fear not because here at MCC Accountants, we are here to help you in any way that we can.  

We can help you get your finances in check and get you ready for the tax return deadline to prepare you for a fresh start to the year. We offer a five-star rated accounting service across the Northwest. Our past and current clients have trusted us with their business finances to help them focus more on their business and doing what they love most! 

We are experts in helping and guiding SME’s and business owners with their accounting needs. Whether it is big our small, our stellar team are more than happy to guide you through the tricky financial hurdles. 

If you would like to find out more about the best accountancy service within the Manchester area, then please don’t hesitate to contact us today. 

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