End2End Self Assessment Tips

Online Self Assessment Tips

Have you done your Tax Returns yet?

In the UK, the tax year runs from April to April. So, the last tax year started on 6 April 2018 and ended on 5 April 2019.

Self Assessment Timeline

It’s always best to check the HMRC website for the Self Assessment deadlines , but this year’s timeline is:

  • Register for Self Assessment – 5th October 2019
  • Paper Tax Returns – Midnight 31st October 2019
  • Online Tax Returns – Midnight 31st January 2020
  • Pay the tax you owe – Midnight 31st January 2020
  • Additional payment deadline – 31st July 2020 if you make advance payments towards your bill (known as ‘payments on account’).

Tips for online Self Assessment

If you are doing your own tax returns online then there are a couple of things that are worth doing ahead of sitting down to do your tax return:

  • Check that your logon credentials are working. For example, if you put in the wrong username and password 10 times, you will be locked out of the account for 2 hours. The HMRC have a good help section about what to do if you have problems signing in
  • Get all the paperwork together that you need. You can save your online Self Assessment online but it’s a lot easier if you have everything to hand. Don’t forget that if you need a copy of information such as a P60 it could take a little time to get to you.

Don’t leave completing it until the last minute on the 31st January, you will find:

  • The HRMC online systems will be busy
  • The HMRC phoneline will be busy
  • You will have to pay any tax owing on the same day – do you have the funds available?

Late Tax Returns

If you file after the deadline you will be charged a late filing penalty, at a minimum this will be £100, potentially substantially more if you also miss the 31 January deadline.

Be aware that late Tax Returns will always attract penalties, regardless of whether or not you owe any tax. So, don’t file late just because you don’t owe any tax.

Need help?

Hopefully the above tips are helpful to you and we have given you food for thought. If your affairs are anything other than straightforward we would strongly recommend that you seek professional assistance as Self Assessment can be a minefield.

Often, by seeking professional advice, our new clients are able to achieve tax savings that can cover some or all of the additional cost involved and of course have the reassurance that their Tax Return has been completed correctly.

If you would like to contact us we will get right back to you.