Self Assessment Tax Return 101: Filling In The Form Fast

 

 

First time filling out the Self Assessment tax return?

You’ll need to know what exactly its submission entails.

It’s really not your average form. There’s a substantial amount of information you’ll require to ensure you submit it both accurately and compliantly.

Thankfully, Mike Parkes from GoSimpleTax has provided the necessary steps to empower you to file with ease.

Step 1: Register in time

You can’t just fill in the information and send it over – there’s a registration process beforehand. This requires registering for a Self Assessment tax return and Unique Taxpayer Reference (UTR) number.

There’s a deadline for this too – 5th October of your business’ second tax year. If you don’t meet this, you’ll likely receive a penalty.

And if you’ve already missed it, then this doesn’t mean you don’t have to file the tax return. You’ll need to contact HMRC at the earliest opportunity so that they’re made aware and can advise you on your next steps.

Step 2: Have all the relevant data

After registration, a UTR number will be sent to you by HMRC. You’ll need this 10-digit code at hand to ensure you can file the Self Assessment tax return.

Other information required is your National Insurance number, evidence of all income and expenses, and any pension or charity contributions.

Include any untaxed income too, and remember that this may not necessarily be just from self-employment. There are many other forms of income – from employment, for example, or income from property or sources abroad. There are supplementary pages for each type that you’ll need to include with the main tax return itself.

Step 3: Remember to pay

The tax return process isn’t over once you click the submit button – you’ll need to pay any tax owed too! The deadline for this is the same as the due date for the online Self Assessment tax return: midnight on 31st January.

Depending on how you choose to pay, you’ll need to give up to five working days for the payment to go through. Therefore, it’s best to file and pay as soon as possible – especially as late payments can carry a penalty too.

If you want to pay your Self Assessment bill by having a restriction in next year’s PAYE tax code, you need to file the return by the 30th December.

It’s important to note that there is another payment deadline – 31st July – which is applicable if you make payments on account.

Submit faster with digital tools

The quickest way to be able to follow all these steps in good time is to adopt Self Assessment tax return software. You’ll save a substantial amount of time using their various functionalities.

A main one is taking away the likes of repetitive data entry and calculations. You’ll be able to enter information (like income and expenditure) at any point and from any device, and the software will update in real time – giving you an accurate overview of your tax position.

With additional features such as tax-saving suggestions and automated reports, you’ll benefit from more than just speed by going digital.

About GoSimpleTax

GoSimpleTax helps to remove the burden of the Self Assessment tax return for any individual. This includes accountants, landlords, the self-employed and freelancers. Through its one-click shortcuts and automation, the tax return is no longer time-consuming, stressful or complex.

Take a free trial of their software for 14 days, no credit card required.

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