31st January 2020 – DEADLINE
You have until 31st January 2020 to file your Self Assessment Tax Return. Don’t leave it until the last minute. If you have filed before then you probably already know the drill, but for a new businesses it is essential not to leave it until the last minute, because you will be sent activation codes and numbers that you will need to enable you to file the forms in the first place, and if the codes are posted to you, you are likely to miss the deadline.
So, do it now. Don’t wait and risk incurring a fine. If you are filing for the first time you will need your UTR (Unique Tax Reference). This will have been posted to you approximately 21 days after registering your business. If you do not have this code you can call HMRC on 0300 200 3310 and they will give it to you over the phone after confirming security details. You will also need your passport details to register. Details of everything you need, including short notes on completing your form can be found at www.gov.uk/browse/tax/self-assessment Make sure that you check you are completing the right form as they vary depending on the type of business that you have.
Once you have registered to file a Self Assessment Form an activation code is posted to you. This takes up to 7 Days so the 25th January 2020 should be the very last date you can leave it to register.
If you use Quickbooks or something similar, filling out your assessment form should be relatively straight forward as it is designed to make it easier for you to file and recognised by the HMRC. If you employ an Accountant they will, of course, file all of this for you, but the longer you leave sending all the details to your Accountant, the less time they have to file everything and the less time there is to spot anything missing or any mistakes that may have been made. Be mindful that this time of year is probably your Accountants busiest time of year, and you are not their only client to manage!
Make sure you read up on everything you can claim Tax relief from. A full list can be found here www.gov.uk/expenses-if-youre-self-employed For example if you work from home you can claim back on Utility Bills. If your business requires a uniform or tools you are also able to claim back. Make sure you are clued up on everything before you file your return as you could be potentially missing out.
It is important to provide accurate information to the HMRC as your Tax will be calculated on this and should the details be false or incorrect then you could be subject to legal action.
After filing your assessment form, you will receive an amount that you will need to pay in Tax. For details on how to pay, if you can’t pay, and to set up budget plans visit www.gov.uk/pay-self-assessment-tax-bill
After all of this is done, it maybe time to consider employing an Accountant to do all of this for you for the next time. If you hire an Accountant right from the start, they will keep accurate records along the way, so when your Tax Return is due, all the information is already to hand. If you need any help at all get in touch with us, we are here to help and advise all we can.