Self-assessment: 2017/18 reminder
24th September 2018
With the self-assessment season in full swing, Thomas Barrie would like to provide a brief reminder of what’s involved and that two key deadlines are fast approaching.
This year’s tax returns refer to the 2017/18 financial year, and you need to go through self-assessment if you earned more than £1,000 outside of PAYE between 6 April 2017 and 5 April 2018.
That’s the most common threshold for self-assessment, although various other thresholds – such as earning more than £2,500 from renting out a property – also apply.
Self-assessment: key deadlines
The deadline to register for self-assessment for those who are going through the process for the first time is 5 October 2018.
Despite online tax returns outnumbering paper submissions by more than nine to one, the deadline for paper returns is at midnight on 31 October 2018.
The deadline that affected more than 10.7 million taxpayers in 2016/17 is the final deadline for tax returns to be submitted by, which is midnight on 31 January 2019.
Self-assessment: maintain accurate records
The biggest piece of advice we offer our clients is to maintain accurate records, such as:
- any personal income records
- any sales income
- any expenses incurred by your businesses
- VAT records (if your business is VAT-registered)
- PAYE records (if you employ anyone).
This makes the task of self-assessment much easier to handle, while we also recommend that you keep these records somewhere safe for at least six years.
Self-assessment: Thomas Barrie’s way
If you find the task of completing self-assessment too daunting at any stage, you can enlist our help and we’ll take this burden off of your hands.
You need to authorise us to act on your behalf with HMRC, so it can send all correspondence to our team of tax experts and we can liaise with the Revenue directly.
We’ll then assess your records and contact you if we need any more detail, before applying any tax reliefs you may be eligible for to potentially reduce your tax bill.
The final task is to submit your tax return before 31 January 2019, and our preferred method is to submit tax returns online.
Get in touch
This blog is just a brief overview of self-assessment and our clients have been receiving further communication regarding tax returns throughout this month.
Speak to one of our advisers by calling 0141 221 257 or email us at email@example.com to find out how we can help with you or your company’s self-assessment tax return.