Self assessment tips and advice
Self assessment tax return guide - "do"s and "don't"s
If you're not used to filing self assessment tax returns, they can seem like a minefield. Here are a few tips to help you pick your way through unharmed.
If you're not used to filing self assessment tax returns, they can seem like a minefield. Here are a few tips to help you pick your way through unharmed.
DO get yourself registered for the self assessment system as soon as possible. You'll need a Unique Taxpayer Reference (UTR) number, and they'll only send it by post. It can take a while, so don't wind up missing a deadline just because HMRC's still stuck in the stone age. You'll also need an account and activation code for the Government Gateway site if you want to file online.
DON’T ignore the deadlines or assume it's okay to be a few days late. If you reach February and still haven't filed your return, you'll be walloped with a £100 fine. That's just for starters, of course. Seriously - don't leave it too late.
DO let the taxman know if you've got a genuine reason for missing the deadline. If it's really not your fault, he might give you a little breathing room. Don't count on catching him in a forgiving mood, though - and make sure your excuse is a good one. A major illness might get you off the hook for a week or two. A bout of the sniffles won’t.
DON’T assume that you've been asked for a tax return by mistake. It can happen, but ignoring the demand just because it's unexpected is always a mistake. If you can prove you don't need to file a return, HMRC will back off. Until you do, though, they'll be expecting your paperwork on time.
DO file your self assessment return even if you know you won't owe any tax this year. It doesn't matter how little you earned, the taxman still wants to know about it.
DON’T assume that HMRC doesn't care about your hobby selling stuff on eBay or Etsy. If you're doing enough of it, they'll call it a business and expect a self assessment tax return from you.
DO remember to file your self assessment return, even if you folded your business this year. You need to make sure your books are up to date until the very last day you were trading.
DON’T think you can skip over the self assessment pages about renting out property just because you make a loss on it. Whether you're up or down on the deal, you've got to account for the money.
The biggest "DO" of all: Talk to RIFT if you need help with your self assessment return, or can't understand why you have to file one. Making a mistake or missing a self assessment tax return deadline could wind up costing you more than just the tax you owe.
Far too many people are paying more than they should, simply because the rules are too complicated. RIFT are the UK's top tax experts, helping people to understand if they are due a tax refund and providing support through out tax return service and tax code queries. Just call or email to see how we can help pry the taxman's fingers out of your pocket.
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