The deadline for filing your tax return is fast approaching. By 31 January, you will have had to file a tax return online or mailed in a paper form. This goes for anyone who received taxable income not covered by PAYE during the tax year 5 April 2015. If your income is solely based on your wages or a pension, you most likely will not have to file a tax return.
The following includes (but is not limited to) a list of individuals who will need to file:
• Sole trader
• Business partner
• Company director (unless it is non profit/charity)
• Received £2,500 or more in untaxed income
• High-rate taxpayer
• Claim child benefit and you and/or your partner’s income is over £50,000
In order to file, you would need to fill out what is known as a self-assessment tax form. Basically, this is a form that you will fill out for the HMRC to file your income tax. In order to file, you will need to have kept detailed records of your income, for example, receipts, bank statements or invoices. The more records you have, the easier filing will be. You must report any and all income when filing, this includes income from self-employment AND employment combined.
A self-assessment form is a complicated one, which is why you need help from an accountant, especially if it is your first time filing. Your London accountants will know what to look for and how to file so that your tax bill may decrease significantly.
For help filing you 2016 Tax Return, contact Morgan Reach Accountants for your corporate and personal tax services today!