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Make Good On Your Intentions…Prepare NOW For Your Next Self-Assessment Tax Return

Feb 07, 2018

The deadline to file your self assessment tax return for the year 2016/2017 has been and gone – do you want to be better prepared next year?

The January 31st 2018 submission deadline for the 2016/17 tax year self assessment return has now passed. Now is the time most people have good intentions to make the process simpler for themselves next time. Here at @UKPLC Company Registrations, we care about your business growing effectively and so we’ve put together this guide to help you prepare in advance for your 2017/18 submission.

Who needs to register for self assessment?

If, during the last tax year, you were self employed, you received more than £2500 in untaxed income; your savings or investments were more than £10,000 before tax; or you made profit from selling things such as shares, you will be required to complete a tax return. The government provides a full list of those expected to register for self assessment, along with the ability to check whether you need to register or not.

How do you register for self assessment?

If you are required to register for self assessment, registration is an easy process. Simply visit this website – even if you want to send a paper tax return you must register online first.

The deadline to register for self-assessment for the April 6th 2017-April 5th 2018 tax year is 5th October 2018.

How do you file your self assessment tax return?

To file your tax return, sign into your online account using the ID and password you created when you first registered for self assessment or set up your online HMRC account. The website then walks you through the tax return step-by-step and it is possible to save your tax return and come back to it later if necessary.

The deadline to send your paper tax return for tax year 2017/2018 is 31st October 2018.

The deadline to send your online tax return for tax year 2017/2018 is 31st January 2019.

How can you be prepared for your tax return?

  • Know the deadlines for registrations, paper submissions and online submissions
  • If this is your first time sending a tax return, allow at least 20 extra working days to send your return as you will need to register first
  • Start keeping records now: besides business income and outgoings if you are self employed, you also need to keep information regarding income from any employment, expense records, benefits records and income from things such as employee share schemes
  • Remember to keep your records for at least 22 months after the end of the tax year to which they apply
  • Create a filing system that works for you – HMRC doesn’t mind how you store records, just as long as you keep them accurately – either digitally or on paper is fine
  • If in doubt about whether you need to record something or not, keep a record just in case
  • Allow extra time if you live abroad
  • Know how much tax you will likely need to pay and ensure you are ready to pay it when the time comes – the government outlines self assessment tax rates here

Paying your tax bill

HMRC offers a number of options for paying your tax bill, including a budget payment plan. For same or next day payments, you are able to use online or telephone banking, debit or credit cards, the bank or a building society or the Post Office. When paying at a Post Office, bank or building society, you will need a paying-in slip from HMRC.

If you have more time before the payment deadline, BACS, direct debit or a cheque through the post are other acceptable ways to pay.

For further information, visit the government’s self assessment website

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@UKPLC Company Registrations

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