As the summer has truly left us, many of us are preparing for the winter months. That means cold nights in front of the fire with hot chocolates, a spot of Christmas shopping in your warm jumpers. Oh, and of course the looming tax return deadline!
At Atkinson Accounts, we realise that this can be a stressful time for many people. Thresholds and allowances change year on year, with people unsure whether they are even required to submit a personal tax return. For this reason, we have taken compiled our thirty years of experience as chartered accountants to compile a few questions we are asked a lot in the often dreaded deadline approach. We have also included a short checklist at the bottom of this article to help you ensure you are including all relevant information on your personal tax return. If you require any further assistance or to book your free initial consultation please either email us on firstname.lastname@example.org or call the office on 01244 316449 where one of our team will be happy to assist.
What period is the tax return looking at and when should I have submitted it by?
The tax year runs from 6th April to 5th April the following year. This is the period which you will be required to report to HMRC on your personal tax return. The deadline for personal tax return submission is 31st January 2019, for paper submissions this is 31st October 2018. If your return is not submitted on time, you will receive a £100 late filing penalty from HMRC, regardless of whether you have any tax to pay.
Do I need to submit a tax return?
There are different circumstances in which HMRC will require you to submit a tax return. We have detailed the most popular of these below. If you would like a more in depth list please visit the HMRC website here.
Do I need to submit a personal tax return?
|My self-employment income was more than £1,000|
|My rental property income was more than £2,500|
|I have made profits from selling things such as shares, a second home etc|
|I am a company director|
|I need to prove I am self employed to claim tax-free childcare or maternity allowance|
What should I include on my personal tax return?
|Employment (PAYE) income (P60 or P45 as appropriate)|
|Benefits in kind/employment expenses (P11D)|
|Casual wages earned|
|Pensions received (including state pension)|
|Owner managed company dividends|
|Sale of capital assets|
|Bank interest received|
|Gift aid payments|
|Are you in receipt of Child Benefit?|
|Other taxable benefits received|
|Do you have a student loan?|
|Have you received any refunds from HMRC this year?|
Once you have decided that you are required to send a personal tax return, the chore of gathering all the necessary documentation begins. So what should you be looking for? What do you need to include on your personal tax return? At Atkinson Accounts we give our clients the below checklist to ensure we are including all the required information on your return.
We hope that this has helped you along the tax return self-assessment process a little. If you would like our experienced chartered accountants to help you, we can do so for an affordable fixed fee. Our personal tax return rates are extremely competitive. We include 2 director’s personal tax returns in our affordable fixed fee if we are completing your company annual accounts. For more information or a quote please call the office on 01244 31 6449 and we will be happy to help you.