Self Assessment Deadline

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The deadline for filing your self assessment for the 17/18 tax year is 31 January 2019 and although we aren’t taking on any additional self assessment work, here is your handy cut out and keep guide of what you will need to complete your return yourself .. or to help you be prepared for that last minute hunt for an accountant who will be able to help you.

Personal information

OK – so some of this should be EASY but making sure we cover all bases:

Employment income

If you have been employed at all during the tax year then you will need to make sure you have to hand the following:

  • P60 or if you left employment your P45

  • P11d if you have had any taxable benefits in the year that haven’t been taxed automatically through payroll

Self employed income

If you are self employed (as in run your business as a sole trader, not as a limited company – some sole director limited companies refer to themselves as self employed when technically they aren’t):

  • Sole trader profit and loss account (income and expenditure account) for the tax year

  • Capital expenditure information if you are claiming capital allowances

There is no need for a sole trader to produce a balance sheet but if you have capital assets it’s worth having a fixed asset register as a minimum.

Interest income

If you have received interest that is outside of tax free savings (ISAs or if you still have any savings in a TESSA) then this interest needs to be included and declared – tax is only payable on interest over £1k (£500 for higher rate tax payers) but technically you should include this on your return .

Dividend income

If you receive dividends then these need to be included on your tax return – the first £2k are tax free but they should still be reported.

Rental income

If you have a rental property (or properties) then you need to declare the rent income received.  There are costs that you are allowed to offset:

  • Mortgage interest (the level of relief is capped though)

  • Agent fees

  • Repairs and maintenance fees

  • Safety check fees

  • Costs you incur on behalf of the property ie if you pay the council tax rather than the tenants etc

Capital gains

Capital gains can arise on many transactions, but the key ones are sales of shares and sales of property that you do not live in.  The calculation of the gains can often be complex due to the differing reliefs that can be claimed and is beyond the scope of this blog and I would recommend getting advice from an accountant to ensure that you get this right.

Payment of any tax due

And remember – as well as the return needing to be in by 31 January 2019, you will also need to pay any tax due at this point .. and if it’s more than £1k then you could well have to make payments on account too!!