You still have time to complete your self assessment tax return by the 31 January 2013 but there is work to be done!
You will need to declare all your income on your tax return.
Here is a list of the most common sources of income:
Self-employed profits
You will need to include the income and your tax deductible expenses on the tax return. There is some help on which expenses are tax deductible here. If your profits are less than £73,000 you may be able to complete a smaller number of boxes.
Remember to think about any capital expenditure and any use of your home.
Employment income
As a contractor and director of your own company you will be an employee and you will need to complete the employment pages of your tax return. Your payroll provider should have sent you a P60 at the end of the tax year. Use this to complete the income and tax boxes.
If you received any benefits-in-kind such as a company car or private medical insurance then your payroll provider should have sent you a P11D. This will detail the value of the benefit to include on the tax return.
Redundancy
If you lost your job in the year or claimed unemployment benefit you will need to disclose the details to HMRC even if the redundancy payment is not taxable.
Interest
Any bank or building society interest should be included in the return. Remember to round the income down to the nearest whole number and the tax up. You will need to complete the gross interest, tax deducted by the bank and the net figures on your return.
Dividends
Include all dividend income; do not include the tax credit that will show on your tax vouchers.
Rental income
You will need to include all the income in the UK property pages and there a separate boxes for the proprty expenses. Keep all these expenses and management company invoices in a safe place.
Capital gains
If you have sold your business and you want to claim entrepreneurs relief then contact your accountant to confirm you qualify for tax relief. In other cases keep your purchase price and sale proceeds in a safe place. You will only have tax to pay on capital gains if your gain is greater than £10,600 (2012-13).
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 posts in the series:
Step 1: Getting registered
Step 3: Allowable expenses
Step 4: Completing your return