HM Returns & Customs Self-Assessment is a departmental system that collects tax revenue from working citizens who do not pay their taxes through PAYE or otherwise. In other words, if you have tax-free income from a source, you will need to sign up for a self-assessment tax return.
Every year, those who are considered self-employed must register for self-examination before the last day, which is valid for the last tax year of the previous year. This means that your tax returns cover your taxes from the financial year 6 April to 5 April. Each year, paper tax returns must be submitted by October 31, or January 31 when you submit your online self-assessment forms.
Your self-assessment will include your gross income as an individual so that HMRC can see the total amount of money you receive during the tax year. Although the department may already know how much money you are earning from your salary, or how much interest you have earned on your bank, they do not know how much money you are making from other sources of income. As mentioned earlier, this could include profits made as a single trader or by renting out your assets, or perhaps earning a trust. Therefore, by completing your self-assessment, you will be able to verify all the money you receive from HMRC.
How do I register for self-examination?
If you are sure you are eligible to submit your tax returns, the next step is to register to check them. Signing up for self-examination is easy, thanks to the internet. All you have to do is go to this page on the gov.uk website, and your registration will be completed within minutes. After the registration is complete, you will receive a letter containing your Unique Taxpayer (UTR), a ten-digit number that you need to use to successfully log into your account in order to complete your tax returns.
If you are a partner in a business partnership, you will need to make sure you are registered as such. For this, be sure to provide the full address and postal code of your business, UTR affiliate, and company registration number.
In 2017, the UK government announced plans to digitize the implementation of the self-assessment tax return process. However, thanks to Brexit, these programs have been suspended. This means you can still compete for your tax returns using old paper forms, in addition to being able to complete them online. That being said, it has suggested that you sign up for self-examination and complete your tax returns online because it is much easier and faster, and leaves little room for mistakes. In fact, the vast majority of all self-assessment returns are posted online and not on paper.
Significant dates and deadlines for the year of assessment ending 5 April 2019
If you need to sign up to self-assess and complete your tax returns in the tax year, then there are a few important days and deadlines that you should keep in mind to complete your completion in a systematic and timely manner. Below, you can find these dates:
April 5 – end of tax year, which means your self-assessment for the last tax year needs to be presented next January, which is the next ten months
April 6th – the beginning of the new tax year. From this date on, you should plan all the information you will need for the next self-assessment deadline
5th October – registration deadline for the last tax year ended on the 5th. Your tax returns must be submitted after this either in writing or by a personal tax accountant.
- 31st October – deadline for submitting tax returns
- January 31 – deadline for submitting tax returns online
- 31 January – Debt Payment Dates (same date as online file deadline).
- You may be fined if you delay submitting your self-examination or paying your taxes.
Self-Assessment Tax Account: Why you need them and how they can help you
If you want to register to self-assess and submit your tax returns smoothly and efficiently and seamlessly, then it is highly recommended to hire Charted Professional Accountant. If you are wondering if you should seek the help of a tax accountant, here are a few reasons why you should do so:
They can help you meet all of your deadlines
Completing tax returns comes with a few moments to meet. If you are an entrepreneur, you are more likely to be overwhelmed by work and lack the time to plan your self-examination. With a personal tax accountant working for you, you will not have to worry about losing any deadlines.
They will make sure that no mistakes are made
Tax writers are paid to ensure that your tax returns are executed efficiently and effectively. They help to ensure that no mistakes are made anywhere in the whole process, saving you from any potential problems.
They can help you save money
Personal finance professionals are good at finding ways to save as much money as possible. They know what you want, and how to reduce your taxes so that you can save money where possible.
They are up to date with all the latest tax laws
Tax laws are constantly changing and the best way to deal with them is to hire accountant for Lawyers for someone who knows what they are doing and keep them updated on all important details.
