Self

Assessments

Helping You With Self Assessments

Helping You With Self Assessments

What is a self assessment

“Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.” You will need to submit a self assessment if you are a sole trader and have earned over £1000, partner in a partnership, have froiegn income, receive money from rent on properties, receive investment dividends and in some cases earn extra money from tips and commision. Sometimes people will submit their tax returns and think everything is sorted and be ensure about “self assessment” we are here to help you to first establish if a self assessment is needed for you and when it is to complete this self assessment for you so you can have piece of mind that everything is completed by a professional and you haven’t missed anything. 

How we help you

Domino will work with you to ensure doing your tax return is as stress free as possible. We will; complete your tax return, calculate your liability, file your return and talk through how much you have to pay and when it is owed. It is always best practice to ensure all your returns are prepared and ready to go, the earlier the better. This is why many opt to use an accountant for this service, so you don’t have to worry about the deadlines sneaking up on you.

Who needs to file a self assessment? 

  • You are self employed or in a partnership
  • You received income from abroad
  • You are a company director
  • You lived and worked abroad
  • You have made profits from selling assets
  • You have untaxed income and or savings
  • You receive income from lettings
  • Have a large investment income
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Tax returns were filed for the 2019 tax year by January 1st
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Tax returns were submitted on deadline day
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10 million people now file their returns online

FAQ ON SELF ASSESSMENTS

FAQ ON SELF ASSESSMENTS

What is the deadline for submitting your self assessment?

 

  • 31st January 
What happens if I miss the deadline?

If you submit your tax return later than the previously mentioned dates you may be fined £100. If you are three months late you will then get a £10 fine for every day you are late from that point up to £900. Providing you are using an accountant this circumstance should never happen. 

What if I have made a mistake on my tax return?

Mistakes happen, if you need to make a change to a submitted return you will need to make your changes by – 

  • 31st January 2021 for the 2018/2019 tax year
  • 31st January 2022 for the 2019/2020 tax year

Your bill will be updated based on what you report and you may have to pay more tax or be able to claim a refund.

What documents do I need?

To complete a self assessment either you or your accountant will need the following:  

If you are self employed; 

  • Records of personal income
  • Records of sales and income
  • PAYE records (in some cases) 
  • Business expenses preferably with receipts / invoices
  • VAT records if you are registered

If you are employed or a company director of a limited company you will also need;  

  • P45, P60 & P11D forms 
  • Information about redundancy payments in that tax year
  • Any other income you have earned in that year i.e second job 
  • Information of any benefits from your job

 

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Contact

01204 771450

info@dominoaccounting.co.uk

Contact

01204 771450

info@dominoaccounting.co.uk

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