Self-assessment season always kicks off at Stapletons as soon as the new tax year gets under way on 6 April.
While it’s our preference to sort tax returns for our clients as early as possible, a raft of relevant self-assessment deadlines are almost upon us.
This year’s tax returns relate to any untaxed income that exceeds £1,000 in 2018/19, and we’re glad to have filed several of these before the season is in full swing.
Untaxed income can be from self-employment, savings, investments, dividends, tips or commission, renting out property, or overseas earnings.
Registering for self-assessment
If you became self-employed before 6 April 2019, and earnt more than £1,000 in untaxed income, you need to register for self-assessment by the end of this week.
The deadline to register for self-assessment for any income earned in 2018/19 is at midnight on Friday, 5 October, 2019.
Registering is essential to declare this untaxed income to HMRC, and to pay income tax and national insurance contributions.
The ONS estimates that around 160,000 entered self-employment in 2018/19 and may be going through self-assessment for the first time.
The first decision to make when it comes to self-assessment is whether you want to take on the tedious task yourself or let the experts handle it on your behalf.
There are two ways to complete and submit tax returns through self-assessment – on paper or online.
Our preferred method is to utilise technology from Sage, QuickBooks and Xero to file your tax returns digitally and in plenty of time.
According to HMRC, 10,129,234 taxpayers – or 93.5% of all tax returns filed if you prefer percentages – had their tax returns filed online in 2017/18.
It is still possible to submit paper tax returns to the Revenue, although only 6.5% preferred the old, more time-consuming method last year.
Self-assessment 2018/19 deadlines
The first filing deadline is for paper tax returns, and those are due on the same day as both Halloween and (as it stands) Brexit Day – midnight on 31 October.
Most people who submit tax returns online have another three months – until midnight on 31 January 2020.
Any tax you owe for 2018/19, known as a balancing payment, also has to be paid by midnight on 31 January 2020.
If this is more than £1,000, the bill will usually include an additional payment towards next year’s bill, known as a payment on account.
Penalties are in place for missing the deadline to submit a tax return or pay the bill, although there’s no risk of a penalty if we handle your self-assessment.
Get in touch
Our personal tax service can handle your tax returns from start to finish, from registration and applying eligible reliefs to accurate filing with HMRC.
Contact us on firstname.lastname@example.org or call 01363 773191 for more information.