It’s already Christmas week. While most of us will be thinking about presents, Secret Santa’s, Panettone and Christmas parties, your accountant will be busy with file a tax return.
We are giving you some help and advice for next upcoming tax return deadline on PAYE tax code online by 30 December.
So, if you haven’t registered yet, don’t get hysteric, there is still time. But do it as soon as possible.
First questions first, who needs to complete a tax return? The list is quite long. But mostly, you will need to do a tax return if you are being working for yourself, earning over £100.000 or you have a property on rent.
Please check our who need to do self – assessment blog from more info about who has and hasn’t to do it.
Is this your first tax return?
Process is quite simple, need to go to HMRC website and register for self-assessment. You need to create an account with password. HMRC will provide you with a user ID. Please copy your ID somewhere safe. You will receive a letter from HMRC after 10 days approx. Requesting your tax return. This letter will give you another number, UTR number (10-digit Unique Taxpayer Reference number), keep this letter again safe!
What to do when you get a tax return?
If you have recieved a self-assessment tax return from HMRC, you are legally obligated to complete and submit it, file a tax return online or sending it by post.
What needs to be included?
You need to include all the income received. Obviously, this is a vague answer and there are loads of conditions and specifications that may need a different approach. Although HMRC website is quite good giving you the steps to follow, remember to check the tax relieves if you got any, every little help. You can get tax reliefs from personal pension contributions, donations to charity, expenses of employment, professional subscriptions, etc…
What if I don’t think I need to file a tax return?
If you think you don’t need to submit a tax return and you received in the form of Tax Return, or a notice to file your tax return online, you can call the HMRC on 0300 200 3310 and ask for your Tax return to be withdrawn. HMRC will review your situation, and if they agree, you will no longer have to file a tax return.
If you believe you are due a tax refund, and you haven’t submitted yet any tax return, you might be interested to claim for repayment.
What to do if I need more help?
To find out more: if you need more help with tax, or any other aspect of your finances, savings, accountancy, contact us to get individual help. Give us a call on 07478 645331 or send us an email to email@example.com