Personal Tax return season (Self Assessment) 2018-19 comes to an end on 31st January 2020. You may have done yours, so relax, but read on if you’ve not
Some important stuff to things to think about for your 2018-19 personal tax return.
Personal Tax Return: First steps
The first question. Do I need to bother?
Let’s consider the main situations where a tax return is required is if during 2018-19
- Were you self-employed; or
- During the year you were a higher-paid employee with untaxed income; or
- You’ve been a company director without any financial benefits; or
- Your partner or got child benefit, with one of you earning over £50,000; or
- There is a situation where you want to claim loss relief’ or
- Stuff has been sold that is seen as a capital transaction. Things like shares, and investment properties are examples
Summary Step One
Firstly, you need to complete a tax return if ,
- You’re self-employed, a higher rate taxpayer
- Get one done if you’re a company director with more than just a company salary
- It still counts if you receive child benefit, and are a higher rate earner
- We are not yet finished, get one done if you want to claim losses
- Finally, do a return if you’ve sold stuff like shares or investment property
Personal Tax Return: Second Step
Secondly, let’s have a look a look at what makes up your Personal Tax Return. There are two parts to the tax return.
The part everyone has to complete is the core section
There’s the extra (supplementary) pages. This is not for everyone .
Personal Tax Return: Core Section
This is where we provide personal details such as
- Tax Reference UTR
- Date of birth
- Details of savings income, pension payments and gift aid claims
Other stuff applies, but this gives you a flavour
That is to say, you iInclude details about other income not in the core Section. What do we mean by this, well we mean details on
• Employment income
• Business partnerships
• UK property income
• Foreign income or gains
• Capital gains
• Non-UK residents or dual residents
Above all, relax and gather together all the important stuff.
Likewise make sure you’ve got a tax reference (UTR) a 10 digit number. Most importantly, if you don’t have a UTR- get one sorted sharpish!
- For example, where you have employment income, the information will be from P60s, P11Ds, P45s
- Likewise , you have been self-employed, your accounts will be where it’s at
- Additionally, property may your thing. Use your rental accounts
However, things get lost or misplaced. In short, reasonable estimates can be made when you don’t have the receipts.
In conclusion check you need to do a Personal Tax Return. If step 2 takes over.
We will tell you what you need to do next in our following blog.
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