Submit Your Self Assessment - What Is Needed
Getting ready for the end of the year madness
If you haven’t submitted your self-assessment yet, please think about finalising it 😊.
I promise it will not take that much time, and if we can file your return before the end of December, I can ensure that the tax owing can be claimed through PAYE tax if you are employed. It is also easier to arrange for a payment plan if you owe money to HMRC. Waiting till the last minute will only mean that mistakes or misunderstandings can happen and will be frustrating for everyone.
If your limited company has had a year-end recently, it is also a good idea to get the financials and corporation tax calculated as soon as possible to ensure that effective tax planning and preparation can happen now, and to ensure you can manage your cash-flow going forwards.
If you would like to file your self-assessment, I’ll need the following information:
Your P60 from your employer/s for the period 6 April 2019 to 5 April 2020 (if applicable)
Investment income certificates and amounts received + dividends received
Property rental income and expenses including interest paid on mortgages, landlord insurance and travel expenses
Sole trader business income and expenses for the same period
Pension fund deduction made by you personally or by your employer that qualify for a tax deduction. Make sure you understand whether these are classed as employer contributions (which don’t need to be reported on your self-assessment tax return) or employee contributions being deducted from your salary and paid on your behalf.
P11D – expenses paid by your employer on your behalf i.e. medical insurance
We are here to help so if you have any questions or concerns please don’t hesitate to contact us.
Please remember that if you file your self-assessment late, you will be penalised and HMRC are fairly strict about the excuses that they will accept!
The deadline for the 2020 self-assessment tax returns is the 31st of January 2021 and we all know how difficult January can be in terms of cash flow.
Please also remember to check your current tax code and make sure you agree with it. This code determines the amount of PAYE that your employer deducts and if your employer does not deduct enough PAYE you could face a high tax bill at the end of the year.