Christmas and New Year have come and gone and January 31st 2020 will soon be here. Here at Caroline Streatfield Bookkeeping based in Eastbourne with clients throughout Sussex, we’ve been helping you with Self Assessment including articles about Allowable Business Expenses and Capital Expenses and in our latest blog, we’re going to clarify a few more points including, who needs to file, how you register and send, some helpful tips for filling out the form and the penalties that you might incur if you don’t file and pay.
Who Needs To Send A Tax Return?
You are required to send a tax return if during the last tax year, 6th April 2018 to April 5th 2019, you find yourself in the following categories:
- You are self-employed as a ‘sole trader’ and you have earned more than £1,000
- You are a partner in a business partnership
You may also need to send in a self assessment form if you have any other income that is not taxed including:
- Monies received for renting out a property
- Tips and commission
- Income from savings, investments and dividends
- Foreign income
Registering and Sending
The online service is available so that you can fill out and send your tax return to HM revenue and Customs (HMRC) and if you don’t finish it, don’t worry as you can go back to it at anytime. You’ll also be able to check all of your details, view your return and print your tax calculation.
If you haven’t filed before, you will need to register and once you have done this, you will be sent your Unique Taxpayer Reference (UTR). Once you have set up your account, you will receive an activation code in the post.
Filling Out The Form
This can be somewhat daunting and there is certain information that you will need. The HMRC does provide help sheets and supplementary pages or you can contact your bookkeeper for help.
- 10 digit UTR
- National Insurance number
- Untaxed income details
- Records of expenses relating to your self employment
- P60
- Any contributions to pensions or charities that might be eligible for tax relief
Penalties
Let’s face it, nobody wants to be hit with a penalty and you will get one if you miss the deadline for submitting your self assessment form or you fail to pay the tax you owe. The penalty is £100 if your tax return is up to 3 months late or your payment is not received in time and you will also be charged interest on late payments.
Conclusion
There really isn’t long to go and if you haven’t done it yet, this is your last urgent call. If you are filing online you need to submit your return by midnight on 31st January 2020 and you must pay any tax that you owe by this date as well.
What To Do Next
If you’re not sure, please do get in touch with Caroline Streatfield Bookkeeping in Eastbourne. Call us on 07982 682746 or email to find out how we can help you. We will visit your home or workplace within East Sussex and can also work remotely to cover other locations, which are further afield.
Keep looking at our website for future tax changes that will be coming into force in 2020.
