7 tips for self assessment tax return season (FAQ's)
Tax season is rapidly approaching so check to see if your 2014/15 tax return has been issued!!! If so, the deadline to file the tax return is Sunday 31st January 2016
AVOID THAT £100 PENALTY!
1) Register for self assessment
2) Obtain your Unique Tax Reference number (UTR)
3) Register with HMRC to file your tax return online (The paper tax return deadline is 31 October 2015). If you submit a paper return after this date you will receive a £100 penalty, even if it's there before 31 January 2016!!)
4) Obtain all relevant sources of income/expenses for self assessment to include in your tax return. Remember oddities such as PPI refunds!
5) Work out if you can pay your tax bill in time and in full. If not, contact your accountant.
6) If your 2015/16 tax payment (due 31 January 2016) is higher than £1000, be prepared to make another 50% payment towards 2016/17 on the very same day and then another 50% again 6 months later (these are called payments on account).
7) If you are due a tax refund and you have arrears with other types of tax of national insurance there is a chance that HMRC will deduct this from what is due.
Careful planning creates a great nights sleep.