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We offer a FREE no obligation first appointment where we are able to meet with you to discuss your individual situation and advise how you can go forward. We understand tax and business. Filling a tax return can be a daunting prospect. Contact Cardiff Bookkeeping and Accountancy Services for further advice.
We are able to guide and assist you with creating your personal tax account with HMRC. This has come about in recent years and allows you to see what HMRC has on file regarding earnings, tax paid, pensions, child benefit etc.
It’s that dreaded time of year again when we are all panicking because the tax return deadline is quickly approaching. If you don’t submit on time, you receive an immediate £100 fine! Get organised now.
What is a Self-Assessment Tax Return?
A Self-Assessment is a form which needs to be submitted to the HMRC by 31 January for the tax year 6 April to 5 April every year. It can be submitted anytime after the 6 April however, the majority of people will leave this until the end of the year before the deadline. This form includes your taxable income and capital gains if appropriate. Tax allowances and tax reliefs are also taken into account. The information on the form basically calculates to the HMRC whether you have overpaid or underpaid tax. This means you could be due to tax refund or you could owe the HMRC money which will need to paid to them by 31 January.
Do I need to complete a Self-Assessment Tax Return?
It is more than likely you will need to submit a tax return if you receive an income other than through PAYE (Pay As You Earn). Check out the link below for a breakdown on who needs to complete a tax return.
How do I register for Self-Assessment Tax Return?
This can be done through HMRC’s online service. Following registration, you will receive a Unique Tax Reference (UTR) number which is 10 digits long. You will be sent an activation code to log into your online account with.