If you are registered for Self-Assessment you have until midnight on 31st January 2018 to submit your personal online income tax return. The HM Revenue and Customs website recommends submitting your tax return, even if you don’t have any tax to pay, or you have already paid it.
‘At Visionary Accountants we provide tax planning advice. We also complete self-assessment tax returns on behalf of our clients. When you are busy working or running your own business you may not have time to complete your own tax return online so we can do it for you. Attached is the fact find that we send out to our clients which reminds you what information we require so we can upload your completed tax return to HMRC. You will need to provide your employment information forms – either a P45, P60 or P11D. If you are self- employed you will need to submit your accounts for the year. If you have earned any investment income from dividends, qualifying investment income such as VCT’s or EIS’s, interest from banks or building societies this will need to be included. If you own buy-to-lets you are required to declare your rental income. Other income such as child benefit, pension income and contributions, or income and assets from trusts or inheritances is also needed.
‘HMRC has recently introduced a simplified expenses ratio that anyone who is self-employed and works at home can use to help them work out how much they can claim on their annual tax return. For more information read my article - How can the self- employed claim expenses on their tax return? Remember you will get a penalty of £100 if your tax return is up to three months late. If you require assistance completing your tax return please contact me on 01727 730550.’