DIY Self-assessment Tax Return

If you are required by HM Revenue & Customs to complete a self-assessment tax return, the time is chipping away. You must do so by 31 January 2019. Otherwise, you may be subject to late filing charge by HMRC.

Who should complete a Self-assessment return?

Depending on each individual income/earning situation. Largely though, the following categories of taxpayers below stated would be required to complete self-assessment return. Note this list is not exhaustive; you should seek further clarification from your accountant.

These are:

  • Self employed individuals;
  • Full-time employee with other multiple sources of income (dividend, royalty etc.);
  • Part-time employee with other multiple sources of income (dividend, royalty etc.);
  • Company directors;
  • Business owners;
  • Landlords and property owners;
  • Entrepreneurs and angel investors;
  • Partners of Partnerships or LLPs;
  • Trustees;

 

Typical information you will need to complete your self-assessment

  1. Your P60 and/or P45;
  2. Your payslips or payment advice from your employer/Agency;
  3. Schedule of your global income (from all sources);
  4. Schedule of your transport/travel expenses incurred exclusively for business purposes;
  5. Schedule of lunch expenses;
  6. Professional subscription paid;
  7. Indemnity insurance;
  8. Relevant training expenses;
  9. CRB fee paid;
  10. And any other relevant expenses that you must have paid.

 

Other important questions to ponder

  1.  
  1. Have received any tax refund from HMRC recently?
  2. Do you have a private pension?
  3. Do you give to charity?
  4. Do you have dividend income?
  5. Do you have any rental income or any other income apart from your employment income?

Your answer to these questions will impact self-assessment return one way or another. So it is important to get them right.

With the above information, you are ready to complete your self-assessment tax return. If your income situation is simple, it would be pretty straightforward to complete your self-assessment without help from an Accountant. Otherwise, it is advisable to engage a professional Accountant to complete your self-assessment. More so, the accountant will claim all tax reliefs applicable to your tax situation.

At Practical Accountant, we will look after our clients’ affairs as if they were our own. We will invest the time necessary to become their trusted business advisers by fully understanding their business needs and concerns, and devising appropriate solutions to their problems.