12 Jan Is it Taxing?
It’s that time of year again. The time when the self-employed and business owners groan. Self-assessment returns are upon us, and they need to be done by 31st January. Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings, but people and businesses with other income must report it in a tax return.
But don’t fear, if you’re struggling, read on for some helpful advice and tips on making it the smoothest tax filing you’ve done yet!
First off here’s some key things to remember:
- The tax year is from 6 April 2014 to 5 April 2015.
- Online Self-Assessment Returns need to be completed by midnight 31st January 2016.
- Any tax you owe is also due on midnight 31st January 2016.
- If you traded between 6 April 2014 to 5 April 2015 and haven’t already registered for self-assessment, do it sooner rather than later, it takes HMRC some time to send you the codes you need to complete your return online. You can register here (https://www.gov.uk/register-for-self-assessment).
Here’s Enterprise CUBE’s top 5 helpful places to head to, to turn your tax hell into a heavenly breeze (maybe)!
- HMRC’s Youtube channel. Not the funkiest channel going, but HMRC have a whole host of videos on their Youtube channel. Check out their Self Assessment Help and Deadlines playlist here (https://www.youtube.com/playlist?list=PL8EcnheDt1ziQSjJNRITtCf7XD_ne-_lQ). It won’t top your New Year’s playlist, but it might help!
- If you’re more of a reader than a video watcher, here’s HMRC guidance help sheet. (https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/454496/sa150-notes_2015.pdf)
- If you’d rather speak to a person, join one of HMRC live webinars where you can ask expert staff your questions. They’ve got one today from 11am – 1pm – register here: (https://attendee.gotowebinar.com/register/8802993928033913346), or if that’s no good they’re holding another 5 this week. Check the rest of the dates and times here: (https://www.gov.uk/government/news/webinars-and-videos-about-self-assessment)
- Here’s the Telegraph’s 5 most common online tax return mistakes (and how to avoid them): (http://www.telegraph.co.uk/finance/personalfinance/tax/11333463/Five-most-common-online-tax-return-mistakes-and-how-to-avoid-them.html)
- Put the kettle on. Make a tea, and ask your fellow Strivers whatever is worrying you here (https://www.facebook.com/groups/1478546982369458/?fref=ts).