Filing a Self-Assessment
Dates to Remember
Are you filing your tax return for the first time? You will need to register in advance – you can do this online by visiting GOV.UK website.
- 5 April – The tax year ends. Your Self Assessment for the tax year that has just finished will need to be submitted in the upcoming January (10 months away)
- 6 April – The start of a new tax year and the date from which you need to start organising your information for the subsequent Self Assessment deadline (22 months away)
- 5 October – This is the last date that you can register for Self Assessment for the tax year that ended 5 April of the same year. After this date, your return will have to be submitted on paper or by an accountant.
- 31 October – If you want to submit a paper Self Assessment (SA-100), your post will need to reach the HMRC office by midnight (or you have an extra 3 months breathing space to complete your Self Assessment online).
- 31 January – Midnight is the deadline for submitting your Self Assessment online. You’ll also need to pay the closing balance of the previous years tax and make the first payment on account for the Self Assessment you just submitted. You might be fined if you submit your Self Assessment or pay your taxes late.
What documents would your accountant need?
When your accountant files your Self Assessment, you will need to refer to a lot of additional documents, so it’s best to keep these together, and ensure you have a digital copy;
- Invoices/Sales Receipts
- Mileage logs
- Expenses receipts
- Bank statements showing transactions, charges and interest
- Transaction details
- VAT returns
- other income such as property rentals or savings etc
- Your UTR Number, NI Number and DOB
- You will need to make sure HMRC have your current address on record
- CIS Vouchers from contractors if applicable
It is worth having a look at the Simplified Expenses on the gov.uk website. Simplified expenses are a way of calculating some of your business expenses using flat rates instead of working out your actual business costs. This can be used by sole traders and business partnerships that have no companies as partners. It cannot be be used by limited companies or business partnerships involving a limited company.
You can use Simplified Expenses to record your business miles for vehicles, hours you work at home and how many people live at your business premises over the year. Use the flat rates to work out your expenses and then include these amounts in your tax return.
We are here to help!
If you need help or further information relating to your Tax Return or indeed any aspect of accounting, please do get in touch with us……..We will be more than happy to have a chat and see how we can help.