Completing your 2018/19 online tax return through self-assessment may not have been your top priority over the Christmas period.
While you may have been tucking into your turkey dinner, however, 12,257 filed their tax returns on either Christmas Day or Boxing Day.
That’s an increase of 1,176 on figures from the previous year, when 11,081 filed their online tax returns on either of those bank holidays.
In less than four weeks, the last-minute rush to beat the midnight deadline for filing tax returns through self-assessment will be well and truly on.
Last year, 735,258 online tax returns were submitted on 31 January while a similar amount (731,186) missed the deadline altogether.
An hour before that deadline, the UK is scheduled to leave the EU. HMRC certainly looks set to have its hands full at the end of the month.
As you can imagine, we came back into the office today knowing exactly what awaits us – processing tax returns.
Most of our work is signed off well before the 31 January deadline, but that does not stop more arriving at this time of year.
The 5 October deadline to register for self-assessment and the 31 October cut-off to file paper submissions are both long gone.
As we are on the home straight, here is a reminder of who needs to submit a tax return, what you need, and how we can do it for you.
Who needs to complete a tax return?
Anyone who is registered as self-employed and made more than £1,000 between 6 April 2018 and 5 April 2019 needs to complete a tax return.
That applies to those who made more than £1,000 from renting out a property between those dates or from any savings, investments or dividends.
As a rule of thumb, you usually need to file a tax return if you made more than £1,000 in untaxed income in 2018/19.
What you need to file a tax return
Having the relevant information to hand makes filing a tax return through self-assessment much easier than it used to be.
Start by having your earnings for the tax year and any expenses you want to deduct from your tax return.
Our approach to keeping accurate records is built on using cutting-edge digital accounting software, and we even offer training on how to use Xero.
This enables you to keep track of any income from sales or investments, and expenses at all times.
It also allows us to sign off your accounts as you go, which means it’s a doddle for us to keep tabs on and submit your tax return.
Tax returns from Stapletons
Our process for completing tax returns through self-assessment is more efficient now than ever before.
We use intuitive accounting software from Xero, Sage and Quickbooks, all of which help individuals and businesses.
If you sign up for our personal tax service, we encourage you to embrace one of the software options. Full training and support is available.
This puts you in control of your finances and grants us year-round access to your finances, enabling us to file your tax return in advance.
That eliminates any potential for last-minute error, while taking away the stress and worry at this time of year.
Email our experts on info@stapletonsaccountants.co.uk or call us on 01363 773191 for more information.
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