Tax Return Tips

Now that the 2019/20 tax year has passed it is time to start considering your Self Assessment Tax Return.

Moore Accountancy prepares accounts and files tax returns for:

  • Sole traders
  • High earners (£100K+)
  • Landlords with rental income
  • Company directors
  • CIS subcontractors
  • Individuals living abroad
  • And everyone else who needs to do a tax return

Contact us (see link here) if you would like us to help you prepare your tax return. We will need the attached checklist completed to start the process.

 

Do you need to file a tax return?

The majority of people do not need to file a Self Assessment tax return because they are taxed at source in their employment, via PAYE. But there are a few reasons you may need to complete a tax return:

You

  • are self-employed as a sole trader, and earned more than £1,000
  • are a landlord with rental income over £2,500
  • made over £12,000 in profit from investments or other capital disposals
  • received more than £10,000 from savings interest or dividends
  • have income over £100,000
  • received child benefit and are a higher rate tax payer
  • have foreign income
  • want to claim a tax refund (CIS, EIS, SEIS, donations)
  • live abroad and had income from the UK
  • are in a partnership
  • are a minister of any religion
  • have been told by HMRC to submit one

If you are unsure, please check online here.

If you need a tax return but do not have a unique tax reference (UTR), you must register for Self Assessment by 05/10/20.

 

Deadlines

For the majority of individuals, the filing deadline is 31/01/2021.

However if you need to complete a paper form (due to exceptions) this needs to be completed by 31/10/20.

And if you wish your tax liability to be collected via your PAYE coding (if less than £3,000) then this needs to be submitted before we close for Christmas in December 2020.

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