Welcome to the Friday Five! Each week we’ll provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to [email protected]
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
Are you are one of the lucky individuals that gets to file a self assessment form? Remember that the deadline for online submissions is in January, just a few short months away.
Regardless if it’s your first time filing or you’re a seasoned professional, it’s good practice to brush up on the ins and outs of self-assessment just in case anything has changed.
If you find yourself in need of a refresher, check out the five most commonly asked questions HMRC receives about tax below.
- Who needs to fill out a tax return?
HMRC provides an easy to use assessment tool for you to check whether or not you’ll need to file. - How do I work out how much tax I owe?
You needn’t do any calculations yourself because what you owe is automatically figured out for you when you fill out your return online. HMRC works out how much tax and Class 4 National Insurance contributions you owe and lets you print out the calculation in case you need it in the future. - Do I need to register to submit my return online?
Yes, registration for self-employed, non-self-employed, and partners or partnerships will all differ slightly, but it is required to file online. - I don’t know my login details anymore, how do I retrieve them?
HMRC provides a simple, succinct video to help you through the process to access your information. - What is the submission deadline?
For the 2017/18 tax year, all online self assessment tax returns need to be in by 31 January 2019. Late submissions will be subject to a £100 fine.
If you need any assistance with your self assessment, there’s no need to worry!
We can recommend industry specialists that can help you with your tax return and ensure you meet the deadline.