When to ask an expert about your self assessment and when to DIY​

• Who needs to do a self-assessment tax return?

  Review our checklist below to see if you need to do a tax return. If you answer yes to any of the following, you’re on the hook for self-assessment…

  • Are a partner in a business partnership.
  • Earn money that isn’t taxed through PAYE—like rent, for instance.
  • Get a commission from your job—or even tips!
  • Get income from savings, investments or dividends.
  • Have money coming in from abroad.
  • Are claiming a tax refund and have over £2,500 of expenses to claim for.
  • Are a company director, religious minister or the executor of an estate.
  • Are getting Child Benefit and have an income of over £50,000.
  • Have Capital Gains to report. You can read more about these here.

  If you’re not sure – just ask.

  You can find out more about Self-Assessment, how to do it and the forms you need to fill in here.

  One more thing! If you’re a RIFT Refunds customer, we do your tax return – FOR FREE. It’s all part of the service. 

• What do you need to do a Self-Assessment Tax Return?

  Your return will be different to anyone else’s, because of your earnings and the kind of work you do. But, in general terms, the kind of information you’ll need to supply should include:

  • Your National Insurance number
  • Your UTR number - this is issued by HMRC
  • Accounts, invoices, receipts or other records of income
  • Records of relevant expenses
  • Contributions to pensions or charities
  • P60 and/or P45 forms

  If you’re a landlord, you may also need things like tenancy agreements, for example.

• How to do a Self-Assessment Tax Return

  You can find out more about Self-Assessment, how to do it and the forms you need to fill in here.

  You can do your self-assessment online, which makes the process a little easier, but if you’re not an accountant, some of the terminology can still be hard to understand. You’ll also still need to have all of your paperwork, invoices, receipts and expenses in order. Knowing what you can and can’t claim for is key to making sure you pay the right amount of tax.

  Most people fill out the SA100 form and there is guidance if you’re doing it online. A lot of guidance – read the notes carefully! And be warned – it can get even complicated if you have to fill out supplementary sections.

  Some people qualify to complete the SA200 form. This is only four pages and is for those with a turnover of less than £85,000. This can include employed, self-employed and retired people. HMRC will decide if it’s suitable for you.

• What if you’ve got no time?

  There’s nothing worse than submitting a last-minute tax return and having to sit up into the wee small hours to do it. That’s head banging stuff. 

  Especially if you’re not sure what you’re doing, when it’s not your area of expertise it can be hugely overwhelming. Paying an expert means you can concentrate on the day job and just bring home the bacon!

  Of course, if you’re prepared to take the time, do a good bit of reading and know your paperwork’s in order, you can save an Accountant’s fee.

  We do tax returns and again, if we’re doing your refund, we’ll do your tax return as part of the deal. That’s pretty big stuff!

• What to do when you want extra peace of mind?

  Getting a specialist to do your tax return and refund means a load off. Any high street accountant will be expert at filling in tax returns. They may also offer you a guarantee that they’ll look after and take care of any queries, though this may be an extra cost.

  As part of our Tax Refunds Service, we can complete your return AND we offer a full year’s aftercare.

  If HMRC query your refund, we’ll take care of it.

• What if you’re not up to speed on the detail?

  If you’re the kind of person who isn’t great with paperwork, it’s likely you need help. A good personal tax consultant (like the one RIFT customers get) will go through everything you need to provide and advise if you need to complete supplementary sections.

  This is especially important if you don’t know what counts as work expenses, as these are the things that will help to get your tax bill down - and perhaps even qualify you for a refund.

• What if you’re in a hurry?

  Processing a tax return is almost instantaneous – for the taxman! HMRC calculates how much you owe almost straight away. Claiming a tax refund can take a little longer.

  In any case, if you’re claiming more than £2,500 in expenses, you need to register for self-assessment which then has to be done every year. It just isn’t possible to do it all on one form. 

  Our specialist software is linked to HMRC systems and we also have a direct line that our agents use to get a faster response.

  HMRC have a tool here that you can use to find out when you can expect a reply from them. 

• What's the benefit of using RIFT for your self-assessment tax return?

  There are a few! Our specialist subject is tax refunds, but that also means we know a thing or two about tax returns. The two go hand in hand!

  If we’re doing your tax refund, you’ll also get:

  • A Personal Tax Assistant
  • All paperwork completed by us
  • Your tax return done if needed
  • Year-round advice
  • Unique tax code checker – we’ll keep you right
  • Paid by cheque or bank transfer – your choice
  • Your refund guaranteed
  • RIFT Agent HMRC Hotline = faster claims
  • RIFT App to track your claim in real time
  • 6 day-a-week telephone support
  • Live chat, email and social support
  • Excellent Customer Service

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