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Self Assessment, HMRC & You

January 24, 2017

 

Self Assessment - Soletrader, Partners and Company Directors

 

Are you wondering what all this fuss is about with the January 31st deadline?

 

Well let's break it down...

 

This is the process of telling HMRC how much you have earned during the previous tax year.

 

The tax year that relates to this year's deadline 31st January 2018 is 6th of April 2016 to 5th of April 2017.

 

If you were registered as self employed during that period you will need to submit a return to HMRC.

 

It may seem daunting but it really isn't, you simply input your income, expenses and other contributions for the entire year and wahlaahhh... You are ready to submit.

 

It is quicker and simpler to use to HMRC online services for submission BUT you must be registered for this prior.

 

To register you will need to create a Government Gateway Account on www.gov.uk

 

Once you have created an account, you can now register for online services using your Unique Tax Reference (UTR) Number and National Insurance Number/Postcode.

 

Your UTR would have been sent to you when you first notified HMRC that you were self employed e.g. 012 345 678 9

 

Once registered for online self assessment, you will be sent an activation code within 2 - 7 days. Use this code to login and complete your self assessment.

 

For the purpose of self assessment it is important that you keep accurate records of your income, expenses and other contributions throughout the year.

 

There are heavy penalties for not submitting your self assessment on time which starts from £100 and increases over time.

 

If you need help and support filling in your self assessment and/or creating a system for your record keeping - we can help you with that.... 

 

ShyFigures Ltd

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