Yup it’s that time of year again – the Self Assessment (SA) deadline is fast approaching and 2015 Self Assessment returns need to be filed with HM Revenue and Customs (HMRC) by 31st January 2016 to avoid the £100 penalty.
We have just over two weeks to file our returns but what if you haven’t even started yet?
First of all, don’t panic – there’s still plenty of time to file on time. We need to remain cool headed, be methodical, stop procrastinating and to start now!
In order to file online ourselves, we will need a user ID, password or account activation code if this is our first time. User IDs and account activation codes are issued by HMRC and we will need to apply for one in good time.
Next we will need to collect together all the relevant information that needs to put onto our SA tax return. This could include earnings from employment as detailed on our P60, earnings from our business in the form of P60 earnings or dividends, or profits from self employment.
We may have investment income from interest or dividends, and/or rental income from property. Although not a comprehensive list, these are the most common incomes that we will need to include.
Gathering this information may be relatively straightforward and able to be done ourselves, or we may wish to utilise the help of an accountant or bookkeeper.
Once collated, the information needs to be input into our SA tax return. Again, if we feel confident enough, we can do this ourselves, or we may prefer to use an accountant or bookkeeper.
Once completed, the SA Return will need to be submitted to HMRC. Again, don’t leave this until the last minute in case the return is not accepted and is sent back for amendment before we can submit it again.
Once filed and accepted, how smug will we feel? As we vow not to leave it until the last minute next year……