As January 31st is approaching, people in the UK will have at their back of minds apart from Brexit, to submit their tax return.
What is a Self Assessment Tax Return
Self assessment is a way to declare and submit your income and expenses for the year to HMRC in the United Kingdom. The tax year is from 6th April 2018 to 5th April 2019. You can do it online by going to HMRC and making a personal tax account or you can hire an accountant to submit your tax return (known as a SA100) professionally.
Who Should Register Under Self Assessment with HMRC
- Anyone who is doing own business or working for themselves (in other words self employed), should register with HMRC for self assessment. This does not include you if you are a salaried person with no other income.
- partner in a business partnership
- The directors of a company
- sole trader or self employed
- CIS registered persons
How Can We at Your Tax Help Accountants Assist You
We, at Your Tax Help Accountants, can provide you with free tax advise and profession help in submitting your tax return on time. We just need some information under AML regulations (Anti Money Laundering) and your UTR number. If we get all the necessary information, we can submit the tax return in a day or two.
List of documents we need to proceed with your tax return:
- A photo ID copy (this can your passport or driving license)
- A utility bill copy in your name with your address
- Your bank statements for the year
- Details of your income and expenses during the year from all sources
- Details of any salary income (your P60 or P45 and your payslips)
- Details of any rental income
- Your UTR (Unique Taxpayer) number and NI number
Failure to Submit a Tax Return on Time
If you are unable to submit the tax return till the dealine, you will get a £100 penalty straight away from HMRC, and it can increase if return is not submitted for extended period.
It is a good idea to consult a tax professional, or just search “accountant near me” in google and you can easily find us in the neighborhood. Even, if you are not based in London, we can collaborate online. Contact us today at email@example.com or call us at 020 8050 4564.