Self Assessment Deadline is Approaching

The deadline for Self Assessment Tax Returns is rapidly approaching and on behalf of accountants everywhere, please don’t leave it until the 31st January to think about it.

Act today, call us for help, call someone for help, but don’t delay another minute.

According to a very useful Government Tax blog on the HMRC website working with tax agents here are the five most common Self Assessment Tax Questions:

  1. Do I need to fill in a tax return?
  2. How do I know how much tax I owe?
  3. How do I register to send my return online?
  4. I’ve lost my User ID and password what do I do?
  5. When does my 2016.17 tax return need to be completed?

To answer the last one first: You will be fined £100 if you online Self Assessment Tax Return is not with them by the end of the day on 31st January 2018.

So ignore this post if you want to throw away £100, you will still have to do a tax return you will just be £100 poorer because you’ve delayed.

If you filed online last year and have since lost of all your login details, this video will let you know how to recover your login details:

If you have never registered to file online we recommend either using an tax advisor or consultant such as MCC Accountants to do it for you, or you can register on the Government website at  GOV.UK. Do it before the end of the month as it will get busier and you do need some time to complete the process, ideally not when everyone else is trying to do the same thing.

Once registered and online the system will let you see your tax calculations and will let you know how much tax you have owing.

So to the final and number 1 question – who needs one?

Lots of people do – and their summary is excellent – but here’s the main groups:

  • Self Employed
  • You received more than £2500 of untaxed income
  • You have income from savings or dividends more than £10,000
  • You sold a second home or share and made a profit
  • Company Directors
  • You have more than £50k income and claimed child benefit
  • Your income was more than £100k

You don’t want to get into debt with HMRC so bringing your tax affairs up-to-date each year is important. You have less than 3 weeks to act!

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