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8 Top self-assessment tips and advice​ for newbie’s

Are you new to the world of self-assessment and filing returns to HMRC and need a little guidance?

We have created a list of 8 top self-assessment tips and advice for those who are trying to familiarise themselves with self-assessment basics.

1) Register

Register for the self assessment system immediately if any of the requirements apply to you. Who must send a tax return. 

2) Deadlines

DON’T miss the deadlines or assume that you can be a few days late without facing a penalty. You must Register for Self Assessment by 5 October 2018. File paper tax returns by Midnight 31 October 2018. Submit online tax returns by Midnight 31 January 2019. Pay the tax you owe by 31 January 2019. You’ll be subject to a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay a lot more if it’s later, or if you pay your tax bill late.

3) Appeals 

You can appeal against a penalty if you have a reasonable excuse.

4) Honour HMRC’s demands and requests

Don’t ignore the demand from HMRC to submit a tax return just because you think it is by mistake. If the request has been made, you must prove to HMRC that you do not need submit a tax return otherwise they will be expecting you to do so.

5) File even if you’ve made a loss

You must file your self assessment even if you are at a loss an do not have any tax to pay. As long as you meet the requirements, you must file self your self assessment and prove that you do not owe any tax.

6) All trading activities are important

All trading activities are important to HMRC so if you are making money or losses from your hobbies selling items on eBay or at the car boot sale, you must file your self assessment if you meet the requirements.

7) Property income

You must also disclose any earnings or losses from renting out out your property even if it’s just the extra bedroom.

8) Professional assistance

Seek professional help from a qualified Accountant with your self-assessment returns if you are unsure about any areas. There are also many tax reliefs and other benefits that you may be unaware of that can help you reduce your tax liability.

For a free initial meeting to discuss your self-assessment needs contact us today on 020 7749 6070.

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