Completing your self-assessment tax return [a guide]
The time of the dreaded tax return is looming… On the 31st January 2023, those who are self-employed or who calculate their own tax will need to have completed their self-assessment tax return and submitted it to HM Revenue and Customs (HMRC). If this is your first time completing the process, it’s understandable that you might need a guide. So, here is everything you need to know about completing a tax return…
What is a self-assessment tax return?
A self-assessment tax return is a method of paying tax if it doesn’t automatically get taken from your wages or pensions. This is your income tax, just reported and taken at a set time during the year. The tax return form is calculated after the end of the tax year it relates to. Tax years run from 6th April to 5th April. This means that for January 2023’s tax return, you will report payments to you from 6th April 2021 to 5th April 2022.
Who needs to complete a self-assessment tax return?
You may be wondering if you are obligated to complete a self-assessment tax return by 31st January 2023. Those that should complete this form will receive a notice from HMRC, notifying them that this is due. Generally speaking, you will need to do a tax return if you are:
- Self employed
- A partner in a partnership business
- A minister of religion
- A trustee or executor of an estate
How do I register and send a return?
If you haven’t registered for a return before, there are different ways that can be found on the Government website. Once you’ve gone through the process of registering, you can send your tax return online by the 31st of January. You will have to pay your bill before the deadline of 31st January, although occasionally your bill can be split so that you pay a certain amount on 31st July if you make advance payments towards your bill. This is known as ‘payments on account’.
Why should you use an accountant to help with your tax return?
Completing a tax return can sometimes be slightly stressful, especially if you haven’t done so before. That’s where the accountants can come in. Here are some of the benefits of working with accountants during the period of calculating your tax return:
- They know the system – Accountants are familiar with the tax return system, having worked with it year after year with countless clients. This is reassuring if you’ve never done it before.
- They frequently work with numbers – For those who aren’t accountants and don’t work with numbers, it can be easy to make mistakes. Accountants are reliable and guarantee accuracy.
- It decreases stress for you – Doing a tax return alongside your regular work and life schedule can be stressful. An accountant’s responsibility is to take care of this, which takes the stress off your shoulders.
If you are searching for reliable accountants who can work with you to complete your self-assessment tax return, look no further. Our team at Adams Accountancy is experienced in working with individuals and businesses, ensuring that the stress of tax returns and finances are taken out of their hands. Contact us on 01322 250 001 or email email@example.com to get started.