Around 9.57 million people filed their tax return digitally last year, a record number. This year the number is predicted to be even higher after the latest campaign from HM Revenue & Customs. Keeping on top of your taxes can be time consuming and frustrating, both for you and for your business – but it is extremely important.  The deadline of January 31st is fast approaching – and we want to make sure you know everything required to file your tax return on time.

Don’t Delay or Risk a Fine

Gathering the necessary information required could take you several weeks. The deadline for paper applications also has already past, on Oct 31st 2017. So don’t leave your online application until the last minute – it’s important that you pay all the tax you owe by midnight on 31st January. Unfortunately, if you submit your tax return to HMRC up to 3 months late, then this may result in a £100 fine. With further penalties of £10 a day applied after 3 months.


If you are late returning or late with the payment, then you can use their calculator to work out how much money you owe. But we want to help make sure you avoid this.

The Deadline Is Almost Here - Need Help With Your Tax Return

Do You Need to Complete a Return?

You won’t necessarily have to fill out a tax return if your only source of income is from your wages or pension. Reasons why you would need to complete a self-assessment:

  • If you have any income gains to declare or are self employed.
  • If you earn over £100k, or you are a company director.
  • If you receive child benefit and earn over £50k a year.
  • If you receive at least £10k of bank interest or dividends – this is as a result of taxation changes on these, introduced in April 2016.

Also, those earning high interest on savings income and additional rate taxpayers, will now have to pay tax on their savings. (Applies to those earning more than £1k for basic-rate taxpayers and £500 for higher rate.)

How Do You Begin?

Make sure that you register for HMRC online services – Remember, it can take up to 10 working days to receive your activation code via post. Use your 10-digit unique taxpayer reference number to activate your online account. If you’ve already registered for self-assessment, check any relevant HMRC correspondence for the number. You may have sent a tax return last year but no longer need to do so this year, if this is the case, you must contact HMRC to close down your self-assessment account.

What You Need to Include

As well as declaring all income from an employer or self-employment, you also need to detail any other UK or foreign sources of income. Include any company dividends, bank accounts – as well as interest and income from any trusts or settlements. Also mention any government or employer taxable benefits that you may receive. Disclose any capital gains from disposal of assets – shares, rental income, land and other property that isn’t your main residence.  Have all of your account information and receipts, along with any business expenses to hand if you’re self-employed.

Are You Entitled to Tax Reliefs?

You may not be aware that if you’ve paid into a personal pension, invested in government-approved schemes to encourage investment in small businesses, or made payments to charity – Then you may be able to claim tax relief and make a saving on the amount of tax you pay. The government will make the appropriate tax relief available for these payments. If you’re a higher rate taxpayer then you may be able to reduce your tax bill.

Be Aware of Your Allowances

You’ll be aware that expenses are incurred in the day to day running of your business – make sure you take note on a spreadsheet of all legitimate business costs, for example these could include purchases and mileage. As long as your business expenses are noted down this will avoid you paying more tax than you owe.

You Can Get Help

If you’re still struggling to manage your accounts or worried about the tax return deadline approaching and being unprepared – then we at RJF can handle the stress and worry for you. Keep the tax man happy – while we help you. For further information you can also visit –  https://www.gov.uk/self-assessment-tax-returns – Or call the HMRC helpline on 0300 200 3310.


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