Key Points For Filing Self-Assessment Tax Return

Key Points for Filing Self-assessment Tax Return
What is Self-Assessment?
It is the method by which you notify HMRC of the amount of money you've earned that year
along with certain other details about your financial standing. After going through your details,
HMRC works out how much tax and/or National Insurance (NI) you need to pay.
It's also known as 'filing your tax return' or submitting your tax return and this is usually done
online. Although the term is 'self-assessment' but that doesn’t mean you have to do it yourself.
You can hire an accountant to do it for you. A competent and professional accountant is also
more likely to calculate your tax return more accurately and legally minimise the tax that you
may have to pay.
Who Need to File a Tax Return?
Following people need to file self-assessment
➢ Self-employed people
➢ People having more than one job
➢ People drawing a pension while working
➢ One who is earning a certain amount from investments (including property)
➢ One who receives a P800 form (this comes from HMRC and explains that you didn’t
pay enough tax)

Key Points for Filing Self-assessments Tax Return:
1. Register Before You Start:
New businesses or start-ups have their hands full during the first year of their inception. They
have to raise capital, advertise their products/services, build their brand etc. and amidst all
this, they may skip one of the most important points and that is to register with HMRC for tax
submission. You can file your taxes only if you’ve registered with the HMRC portal. If you
haven’t filed your taxes in the previous tax year, you’ll need to register before you can submit
a self-assessment tax form.
The deadline for registration is 5th October (after the end of the tax year). When you register
for self-assessment, you’ll receive a Unique Taxpayer Reference (UTR) number, this is
needed whenever you file your tax return.
2. Gather All Your Details:
It is important that you maintain all the relevant records such as invoices, receipts, income
and expenditure details. You can also claim for things like office, travel, marketing and
business insurance costs, as long as they’re used solely for your business purposes.
3. Be Cognizant Of Which Taxes To Pay
You’ll be required to pay various types of taxes depending on the amount you earn and your
various sources of income. These may include income tax, taxes on dividends earned,
National Insurance and capital gains tax. As such, you will need a record of each and
calculate how much you have earned.
4. Remember Deadlines:
31st January is the deadline to submit your self-assessment tax form online. This is also the
date you should pay your tax if it is due. In fact, you should submit and make payment a few
days before so as to avoid last moment uncertainties and also to avoid paying a penalty of
£100 if you miss the deadline.
You can file your tax return any time after the end of the tax year (5th April), hence, the
sooner the better. Also, if you are filing your tax return through paper mode, it must reach
HMRC no later than 31st October.
5. Hire a Tax Accountant to Assist:
Tax filing is difficult for many people out there because you need time to focus on the
operational aspects of your business as well. Hence, it is imperative that you hire a qualified
and experienced tax accountant when it comes to filing your self-assessment tax return.
Accountants have the know-how and would guide you about all the deductions you can make.
Being a business owner, it is but natural that you may forget about such things. Things such as
the use of your home office space, depreciation of capital assets/essential equipment that you
use, or how to claim a portion of your utility bills if you work from home.

An accountant would ensure that you get all the help and support to file your tax return
smoothly and also to ensure that you don’t pay more taxes than are necessary.
Accountants also guide you with your business finances and assist you in making those smart
business decisions that will not only have a positive impact on your tax but also help you
achieve business growth.
Accounting Outsourcing Companies
HMRC’s online assistance will certainly help you calculate the amount you owe if you are
doing it on your own. However, you should be aware that the system will not help you to
know whether the figures are correct or whether you have claimed all your expenses,
allowances etc.
Also, you should be aware that the HMRC’s helplines normally deal with only simple queries
and not the more complex ones Hence, if you are not sure about your calculations, not getting
satisfactory replies to your queries or if you are filing your return for the first time, then don’t
worry because we are here to help.
With vast experience and knowledge in providing accounting, bookkeeping, payroll and
taxation services, outsourcing companies assist you in filing tax returns.
The main advantage of outsourcing tax return filing to an outsourced accounting firm is the
support and cost you get. As they have skilled and certified accountants who can guide you
on saving taxes.
Click Here for more information

Key Points For Filing Self-Assessment Tax Return

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Key Points For Filing Self-Assessment Tax Return