Self-Assessment Tax Return: The Final Countdown
The deadline looms for the 17/18 tax year that ended on the 5th of April 2018. The paper deadline has been and gone and now we’re left with the online deadline on the 31st of January 2019. You might be one of the lucky ones who have their house well and truly in order. For the majority of us the tax return gets pushed to the bottom of the priority pile, time and time again with early submission all but a dream.
There’s not much time left now, so let’s dive in and save you from tax deadline dread.
What You’ll Need
To fill out your tax return online you’ll need the following:
- an online account with the HMRC (see below for more info)
- figures: income you’ve earned from property, employment, self-employment, dividends, purchased life annuities, pensions, job seekers allowance and interest (to name just a few income sources)
- general personal information
Now you’ve got your information let’s get started.
What You Need To Do
We’re assuming that you’re going to submit your tax return online – if you want to do it via paper, you’ve missed the boat (by some months) and you might have to pay a penalty if you don’t file it online by the 31st of January this year.
First things first, you need to register for an online account with the HMRC. Click through here and create an account if you don’t have one already.
Wait up to 10 days…. If you don’t have an account already, you’ve now got to wait up to 10 days for your unique tax payer reference to arrive in the post (it does pay to get things done in advance!).
Once you’ve got your code you’ve got up to 28 days to use it and finish registering your account, before you’ll need a fresh one. Though at the time of writing you don’t have 28 days until the deadline date so that situation shouldn’t arise. Leaving it too late to apply for an activation code isn’t an acceptable excuse according to the HMRC.
Let’s get form filling!
The Form Filling
Now you’re registered and ready to go. The form itself is quite self-explanatory. But there’s no excuse for not checking and double checking what you’re entering.
Make sure you only complete the parts of the form that are relevant to your circumstances and if you’re waiting for a figure (the most common reason for late tax returns) enter an estimate, but ensure they know it’s an estimate.
There are many benefits to using the online form. It will give you pointers of where to find information that the HMRC requires – whether it’s on your P60, P45 etc. It will also cut out pages that are simply irrelevant to your circumstances and you’ll receive instant notification of your successful submission. If you get called away from what you’re doing you can save your progress too, so all is not lost if you can’t do it in one sitting.
If It’s All Too Much
If it’s all too much for you and you don’t have the time, can’t find the information you need or just can’t manage it at the moment – give us a call on 0808 164 3000 now. We’re not just accountants you know? We’re people too and we’re here to help you. If you’d rather email us drop us a message at firstname.lastname@example.org.