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Are you new to Self-Assessment?

Jan 24, 2014

Don’t Miss the Deadline! Your Self Assessment Tax Return is due to be filed online by 31st January.

An article in The Telegraph on 2nd January listed the ten worst excuses for failing to do your tax return. Would you want to appear on this list?

1.       My Pet Goldfish Died (a self-employed builder)

2.       I Had a Run in With a Cow (a Midlands farmer)

3.       After Seeing a Volcanic Eruption on the News , I Couldn’t Concentrate on Anything Else (woman based in London)

4.       My Wife Won’t Give Me My Mail (self-employed trader)

5.       My Husband Told Me the Deadline Was March 31st and I Believed Him (Leicester hairdresser)

6.       I’ve Been Far Too Busy Touring the Country With My One Man Play (Coventry writer)

7.       My Bad Back Means I Can’t Go Upstairs. That’s Where My Tax Return Is (a working taxi driver)

8.       I’ve Been Cruising Round the World In My Yacht, and Only Picking Post Up When I’m On Dry Land (South East man)

9.       Our Business Doesn’t Really Do Anything (Kent financial services firm)

10.   I’ve Been Too Busy Submitting My Clients’ Tax Returns (London accountant)

Read the original article here.

If your individual income is more than £50,000 and you, or your partner, choose to carry on getting Child Benefit payments, you will need to declare these payments on your Self Assessment Tax Return. Find out more about who should declare, how and when here.

Are you new to Self-Assessment?

If you have previously not filled in a tax return, you will need to register for self-assessment. This can be done by completing the online SA1 Registering for Self-Assessment Form online. HMRC can then set up tax records for you.

After your tax records are set up, you will be sent a Unique Taxpayer Reference (UTR) that allows you to sign up for HMRC Online Services.  You can then send your tax return online.

Other Important Dates for Your Diary:

19th March: Chancellor’s Budget

1st April: Pension Auto-Enrolment for Companies with Between 160-249 Employees 

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@UKPLC Company Registrations

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