Tax Returns Deadline Approaching

The tax return deadline is approaching and the first questions you need to ask yourself are:- 

  • Do I need to do one? 
  • Has H M Revenue and Customs issued you a letter to tell you that you need to complete a Tax Return?

ClockIf they have issued you a letter then you will need to complete one. If they have not then they are not expecting one. 

If you have not been issued with one it does not mean that you do not have to complete one. 

The onus is on the potential taxpayer. We have a self-assessment system, therefore, if you have something to declare then you are the one who should be informing them and not waiting for them to find out about it.

Rental Income should be declared in the tax year in which you start to receive it. Therefore, if you start receiving it now, in December 2018, you would not need to declare it until your tax return for the tax year 2018/2019. The tax return would need to be filed by 31 January 2020. If you started receiving Rental Income before 5 April 2018 then you need to complete a 2017/2018 Tax Return and the deadline is 31 January 2019.

Our 5 Tax Return Tips and Guidance are:

1. All income needs to be declared on a tax return. This could include:

  • The Day Job and benefits you receive 
  • Self-employed work
  • Foreign income
  • Rental income 
  • Interest on savings accounts
  • Dividend income from investments in stock market or from your own company 
  • Pensions
  • Taxable State Benefits

2.    Claim all your tax reliefs:

  • Expenses in employment – are you claiming all of your mileage? Professional subscriptions?
  • Expenses for your self-employment
  • Expenses for your rental business in your own name
  • Pension contributions you have made
  • Gift Aid donations

3.    Have you paid towards your student loan during the year? This could reduce your total liability payable.

4.    Are you claiming Child Benefit but your gross income is over £50,000? Does this need to be adjusted on your tax return?

5.    Are you married? Would claiming the Marriage Allowance work for you and boost your household income?

If you need any help completing your tax return or if you want to discuss any of the above aspects to ensure you are making the most of the allowances available, contact us on 01332 680540.