Is your panic rising with the 31st January filing deadline rapidly approaching ?

Well the first piece of advice is “Don’t panic”!

This is the first in a series of blogs that will help you complete your self assessment tax return by the 31 January.

Do I need to complete a tax return?

If you are self-employed or a freelancer then the answer is “Yes”.

If you are a contractor and a director of your own company, then the answer is almost certainly, “Yes”.

If you are a higher rate taxpayer (if you have income of over £42,475 in 2012-13) then the answer is “Yes”.

Have you told HMRC that you have started a new business?

If you are self-employed you should have told HMRC about your new business by 5th October 2012.  If you missed the deadline don’t worry, follow the link and register now. HMRC will issue you with your tax reference number (HMRC refer to this as UTR).  If you can convince HMRC that your intentions are good and you manage to submit your tax return on time then the penalty may be waived.

How do I file my return now the deadline for paper returns has passed?

You will need to register with HMRC for online filing.

Follow the link to the HMRC website  and tick the “individual” box and next and then tick the “self assessment” box and next.  You will need to have your 10 digit tax payer reference (UTR) and either your national insurance number or postcode to hand.

Do I have to do this every year?

No, once HMRC have registered you for self assessment they will automatically send out a tax return each year.

What to do if you don’t have internet access?

You can complete all the paperwork at a public internet cafe or library but you may not want to for security reasons.  Your other options are to find a friend with online access or find an accountant to provide help.

Do you need help?

Clearways Accountants prepare and submit many self assessment tax returns each year so we can help you meet your filing deadline with minimum stress.  If you would like help with your self assessment tax return, contact us or give us a call on 01737 244298.

Links to the other blogs in the series:

Step 2: income

Step 3: allowable expenses

Step 4: completing your return