Accounting News

Tax Return 2018

Are you ready for the October 31st deadline for filing your paper tax return?

Friday 5 October, 2018

Depending how you choose to submit your tax return there are various choices and different deadlines that you will need to remember for tax returns relating to the year April 6th 2017 to April 5th 2018.

If you want to submit a paper tax return the deadline for filing the return is 31st October, regardless of whether you want the HMRC to work out how much tax you owe or you work it out yourself. If you miss the deadline for filing a paper tax return you always have the opportunity to file your tax return online. The deadline for filing online tax returns is 31st January 2019. Remember you will pay penalties if you file your tax return late.

Laura Mainwaring, Accountant, Visionary Accountants, St Albans, Hertfordshire said:

‘If you have never submitted a tax return before you will need to register with HMRC. This can be done online. After you have registered you can choose to submit a paper tax return before 31st October or fill in an online tax return on the HMRC website. If you miss the deadline for filing a paper copy don’t file it late, just complete an online tax return. If you would like help completing your tax return please contact us on 01727 730550. Our accountancy team in St Albans are used to completing annual tax returns on behalf of our clients. We send you a fact find that you complete reminding you of the information we require to complete your tax return. We submit this online so you avoid rushing to meet the October 31st deadline. We offer a free consultation to discuss your requirements and explain what information you will need to provide for HMRC.’

Laura Mainwaring, Accountant, Visionary Accountants, St Albans, Hertfordshire continued:

‘Visionary Accountants also provide tax advice. HMRC will need to see employment information forms – either a P45, P60 or P11D. If you are self- employed you will need to submit your accounts for the year. You must also include any earned income from dividends, and income from VCT’s or EIS’s. Interest from banks or building societies is also required as well as rental income if you own a property portfolio. Other income such as child benefit, pension income and contributions, or income and assets from trusts or inheritances is also needed.’

For more information read: James Murray - Do you need help submitting your self-assessment income tax return, How can the self-employed claim expenses on their tax return

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