Yes it’s that time of year again when you need to make sure you are ready to file your self-assessment tax return. Don’t leave it to the last minute. We at Kew Accountants are here to help!
When do I need to submit my tax return?
The deadline for paper tax returns was October 31, 2021 but if you’ve missed that date, don’t worry as you have until January 31, 2022 to submit your return online.
The deadline to pay your tax bill for 2021/22 is also January 31, 2022 so be prepared to make this payment, if you owe tax.
So it’s time to get your taxes in order!
The last tax year started on April 6, 2020 and ended on April 5, 2021.
But remember you need to submit your online return by December 30, 2021 if you want HM Revenue and Customs to automatically collect tax you owe from your wages and pension but you must be eligible for this.
See https://www.gov.uk/pay-self-assessment-tax-bill/through-your-tax-code for more information.
What do I need to do?
- Start getting your paperwork together
You will need documents, such as your annual pension statement, receipts, interest earned on savings, gift aid payments, records of rental income from tenants and records of any other income.
- Make sure you are registered with HMRC
You really need to have registered by October 5 to file a return but if you haven’t, register as soon as possible to avoid penalties. Once registered, you will receive a Unique Taxpayer Reference in the post, which you can use to register for online services.
- Claiming expenses or tax relief
Make sure you have evidence for your expenses, such as for business mileage, charitable donations, general office purchases, telephone expenses and travel costs.
If you need help or advice with your self-assessment tax form, don’t leave it to the last minute. Come and ask us for help at https://www.kewaccountants.co.uk and we will be happy to assist.