Self Assessment Tax Returns- Advice from Wisteria

Self Assessment Tax Returns
Top Tips from Wisteria Chartered Accountants

Why would I need to complete a tax return?

If you...
Are self employed
Have untaxed investment income
Are a Director of a UK company
Own a rental property
Realise a Capital Gain
Are a partner in a partnership
Have changed your tax residence during the year
You need to complete one

Do you know the key dates?

30th September
The deadline for submission of your tax return if you want HMRC to calculate your tax liability for you
31st October
The filing deadline for paper self assessment tax returns
31st January
The filing deadline for electronic self assessment tax returns

Tip 1. Organise your tax affairs on a spreadsheet before attempting to prepare your return
If you prepare your return from lots of different statements, receipts and forms you are more likely to make mistakes. Plus the spreadsheet will act as a useful checklist for next year.

Tip 2. Don’t wait until January to prepare your return
Leaving your return to the last minute means a mad rush and your return could be more complicated than you expect. The HMRC computer system, phone lines and website often overload and crash during this period, making submission much more difficult.

Tip 3. Submit your tax return online
Online submission is easier, online help is available along the way and the process is less complex than using the paper form. Plus you have an instant acceptance meaning that you do not have to rely on the post.

Tip 4. Make sure you pay your tax liability on time
Submitting your tax return correctly and on time is only half of the job. Make sure you pay all relevant liabilities when they are due to avoid interest and surcharges.

Tip 5. Consider asking for professional help
If your affairs are more complex than expected or you have an issue which you are unsure about, it’s worth speaking to an expert, such as a Chartered Accountant or Tax Adviser. They can take the stress out of preparing your return and the value of the tax saving advice they offer often exceeds the fees charged.

Where can I go for more information?
For advice in relation to Self Assessment Tax Returns or tax matters in general, Wisteria’s tax experts can help.
For more information visit:
www.wisteria.co.uk
Or contact us on:
020 8952 0140
Emailinfo@wisteria.co.uk