This article contains a guide to filling in your UK Self Assessment tax return and how to file your tax return online. It is very important that you fill in your self-assessment tax return before the 31st January deadline each year; failure to do so could mean you receive a late penalty charge which is totally unnecessary with proper planning. This article helps guide and educate you on procedures pertaining to filling in your UK self assessment tax returns on time to help you improve your business’s cash flow, manage your tax planning and claim back any tax that you have overpaid.
Table of Contents
When to Fill in and File your UK Self-Assessment Tax Return
The 31st January of each year is the deadline for filing your online self-assessment tax return. If you favour filing a paper tax return, the deadline is 31st October of each year. As you can see filing your UK tax returns online gives you more time, plus it’s the way to go as paper tax filing will soon be redundant. You can ask out tax consultants for more details and help regarding other deadlines, as well as, assistance for filing your online tax return, which we encourage you don’t wait to do until the 30th of January.
Related Post: Step by step guide to completing the HMRC Self-Assessment Tax Return
Information required when filling in your UK Self Assessment Tax Returns
The following information should be ready on-hand when filing your tax returns:
- If employed, all income details
- Any partnership income
- Dividends
- Interests earned
- Income from rentals
- Any foreign income
- Gift aid
- Pension contributions
- Any unemployed benefits or lump payments for redundancy
- Account payments
- Capital gains
- P11D form from your employer (ask us for more details)
Keep a record of all your income and expenditure details
Our advice is you save and record all income and expenditure details, to avoid complications when filing your tax returns or claiming UK tax refunds. Also, register and obtain your ‘unique taxpayer reference number’ which you receive once registered as a self-assessment tax payer. As professional tax consultants, we offer a range of services, including maintaining your personal records which benefit self-employed tax payers when it comes to filing in a tax return.
Related Post: HMRC Delays UK Tax Returns Penalty Notices: Will You Face Extra Fines?
Steps to follow when filing in your Self Assessment Tax Return
Once you’re settled in with necessary details here’s a summary of steps to follow for online tax filing.
- Check all your personal details
- Only fill in sections applicable to you
- Report your earnings
- Add all tax-deductible expenses
- Double check your tax returns
Related post: Why it’s important to file your self assessment tax return early
Why not get our tax accountants to file your self assessment for you?
While the procedure seems simple, you need to have practice and correct details for filling your tax return. Do check with our UK tax consultants who will assist and advise you on filing your tax returns in accordance to HMRC’s requirements; thus avoiding delays and any unpleasant penalty fines as a result.
File a self assessment tax return online
Get more information about self assessment tax returns for self employed individuals and high earners.