Happy New
Year to you all, we hope you’ve had a lovely Christmas. It’s the New Year but
some things remain the same, and that’s the deadline of 31st January
for Self-Assessment returns.
Self-Assessment
is a system HMRC uses to collect tax. For people who are self-employed, with
their own business or others who make additional income.
The dates for
Self-Assessment is
1st
April 2016 to the 31st March 2017. With online returns needed to be
submitted by
31st
January 2018 and paper returns to have already been submitted by 31st
October 2017.
The best way
to keep the tax bill down is to have your paperwork organised. You will need the
actual receipts to claim as expenses. Collate your receipts and keep together
as HMRC can ask to see evidence at any time. Another great way is to utilise
the ISA savings as any interest received is tax-free. You’ll keep your savings
on a tax-free basis for as long as you keep the money in your ISA accounts.
Higher rate
tax payers benefit from additional tax savings when they contribute in to
pension schemes and give to charity.
An example
of a list of records you will need are;
- Business and personal bank statements
-
Records of income
- Records of purchases
- P60/P45
- Rental Income
- Interest Income
- Child Benefit and Income Support
You need many
other records to keep, here at Cross Accounting we give our clients a more in
detail list of records which we require from them to complete their tax return.
This also includes a reminder of approaching deadlines to ensure not to be
penalised. HMRC fine £100 for anyone who misses the 31st January
deadline.
HMRC have
revealed a record number of people are filing for self-assessment this year as
the numbers are north of eleven million. If you’re a couple of years behind,
then do not worry as you’re not alone, we have taken on a number of clients in
this situation, and have supported them and brought them up to date. If you’re
not sure if you need to submit a self-assessment or you need to complete a
return, you can call us on 02920 653 995 or visit our website on www.crossaccountingservice.co.uk
to see how we can assist you.
