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Making Tax Digital - Starts 2019...I'm ready, are you ?

The Tax Return Deadline is Approaching...

Posted 1/11/2015

HMRC usually write to you in April / May every year if they think you need to file a tax return. If your circumstances have changed and you think you no longer need to file a return, you can contact them and if they agree with you, they can remove you from the self-assessment system.

You need to take care though:

  • If HMRC have asked you to complete a tax return you MUST NOT ignore it. Even if you are certain that a Tax Return is not required you have to complete it and then contact them to get the need for a tax return removed.
  • If you need to contact HMRC for any reason do this well ahead of the deadline as the phone lines get very busy.
  • Although you can appeal penalties, it’s always preferable to avoid being issued with them in the first place.

So do I need a tax return?

You probably need to complete a tax return if any of the following apply:

  • You have become self-employed. Please note, there is no minimum income limit nor any "hobby" rules.
  • You have become a director. Again, there is no minimum income limit.
  • You receive high levels of savings/ investment income (whether it’s taxed at source or not)
  • Your annual income is over £100,000
  • You have Capital Gains tax to pay
  • You receive any untaxed income (such as rental or some savings income)

This list is by no means exhaustive and there are other instances when a tax return may be required but the above are the most common.


How I can help

The costs of not attending to your tax affairs can be severe so it's important that you do not leave your Tax Return until the last minute. To do so runs the risk of penalties.

To assist you I can help or provide guidance on the following:

  • Assist you with registering with HMRC for Self Assessment and any other area of tax applicable, such as VAT or registration as an Employer for PAYE
  • Prepare your tax return for you and consider any tax planning opportunities
  • Calculate your tax liability and advise you of the amount and due date of any payments to be made
  • Review HMRC correspondence and liaise with HMRC on your behalf. This can be really useful if they are issuing you incorrect tax codes or are taking a long time to issue you your tax refund

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