Beginners’ guide to self-assessment
24th September 2018
Filing a tax return for the very first time can be overwhelming for beginners as self-assessment season gets into full swing.
This year’s tax returns relate to 2017/18, so you’ll need to complete a self-assessment tax return if you earned more than £1,000 outside of PAYE between 6 April 2017 and 5 April 2018.
Various other thresholds, such as earning more than £2,500 from renting out a property, also apply, so it’s worth checking HMRC’s criteria early on to see if you need to submit a tax return.
For those new to the process of self-assessment, how much you pay in tax depends on which income tax band you fall into and a separate rate is in place for any capital gains made.
Self-assessment: the key deadlines
Almost 11 million tax returns were filed with HMRC last year, reflecting the increasing trend of people moving into self-employment, and there are three deadlines to bear in mind.
You will need to register for self-assessment online by 5 October 2018 if you’re undertaking the task on your own. Take note of your unique taxpayer number as you will need this for future reference.
If you’re digitally savvy or someone who leaves things the last minute (which we don’t advise), you have until midnight on 31 January 2019 to file your tax return online.
For those who prefer using pen and paper, the deadline for paper returns is fast approaching – at midnight on 31 October 2018.
How do I file self-assessment tax return?
You have two options when it comes to submitting your tax return: you can either take on the task yourself or outsource it to our team of experts who can accurately complete it on your behalf.
Through the self-assessment portal , you will be able to access and complete your tax return. However, make sure you have accurate records to hand.
These include any personal income records, any sales income, any expenses incurred by your businesses, VAT records (if your business is VAT-registered) and PAYE records if you employ anyone.
How will Stone & Co process my tax return?
We offer a free initial consultation to all new clients.
All tax returns – whether through self-assessment or relating to your company – are securely stored and filed digitally through specialist software.
Once you authorise us to handle your tax return, you can share your records with us so that we can prepare your return.
From there, our team of experts will diligently assess your records and apply any tax reliefs that you may be eligible for to reduce your liability.
For more details or impartial advice with your self-assessment tax return, call us on 0117 305 2600 or email firstname.lastname@example.org