Completing your self-assessment tax return can be a challenging task if you don’t understand the process. There are many different stages and deadlines that need to be met during the completion which can easily be done when working with a specialist contractor accountant.

When submitting your self-assessment, you need to provide a range of information including wages, dividends received and any other income such as savings, rental properties, bank interest, UK and overseas income. On top of this, directors fee received and PAYE withheld (P60) are also required.

By assigning yourself enough time to complete each stage you should have no trouble submitting your self-assessment on time.

Know the deadlines for your self-assessment tax return

Each deadline is very important when it comes to submitting the correct information for your self-assessment. If the deadline is missed or the information is incorrect you will get a penalty, so make sure you double check each form before submitting.

  • 5 April 2017 – 2017/18 Tax year ended (SATR can be filed from this date)
  • 5 October 2017 – Register for self-assessment if you are required to file a SATR for the first time
  • 31 October 2017 – Deadline for filing Paper Personal Tax Return with HMRC
  • 30 December 2017 – Deadline for filing an online tax return with HMRC if you want tax to be collected through PAYE Code
  • Tuesday 31 January 2018 (midnight!) – Deadline for submitting online (£100 fixed penalty, 5% of tax due if outstanding after 30 days, daily penalties after 3 months)
    Deadline for paying self-assessment balancing payment (and Capital Gains Tax) for tax year ended 5 April 2017 (2.75% interest)
    Deadline for 1st payment on account for 2017/18 (if bill more than £1,000 and less than 80% tax deducted at source)
  • 31 July 2018 – Deadline for second payment on account for 2017/18 (can be reduced if 17/18 tax bill will be lower than 15/16s – be wary of the impact of the new dividend tax in 2017/18)

Are you registered for a self-assessment?

If you were self-employed or a company director at any point between 6th April 2016 to the 5th April 2017, you will need to complete a self-assessment tax return. To make sure you can submit your tax return online you will need to register with HMRC first, if you have already done this you should be able to submit your tax return easily.

If you haven’t already registered you should look to do this as soon as possible as it can take a few weeks for your activation PIN to arrive through the post, HMRC will not give this information via phone. Don’t leave this too late as you may not receive the information in time, meaning you’ll likely miss the deadline and will automatically be fined.

When completing your self-assessment, you’ll be asked to quote your Unique Tax Reference (UTR), this is the 10-digit number that can be found on your paperwork from HMRC such as “notice to complete tax return”. If you can’t locate your unique tax reference, contact HMRC’s self-assessment helpline and ask them to post it to you.

Include the correct information

You will need to report any income received (via any source) from 6th April 2016 – 5th April 2017. This includes:

  • Wages from jobs
  • Dividends received in the year, any other income receiving including savings, rental properties, bank interest, UK and overseas income
  • Directors fee received and PAYE withheld (P60)
  • Taxable benefits and reimbursed expenses (P11d)
  • Capital gains over £11,100
  • If operating as a sole trader or partner, you’ll need to report your business income, profit and expenses for the tax year

If you have questions or queries on this, contact your accountant.

Top tips

We want completing your self-assessment to be as easy as possible so make sure you do the following:

  • Don’t forget to claim HRT relief for personal pension contributions and donations to charity
  • Ensure you complete every section correctly, leave time to double check the return and ensure all necessary boxes are ticked (failure to do so could result in the return being rejected)
  • Don’t forget to press the ‘Submit’ button!

Make your life easier

We understand that completing your self-assessment tax return is a very lengthy process and completing it with no support can often be rather tricky, which is why Brookson One offer an advanced service to support self-employed professionals with their finances.

If you need help with your self-assessment tax return contact us today and don’t leave it to the last minute!