Personal Tax return season (Self Assessment) 2018-19 comes to an end on 31st January 2020.  You may have done yours, then relax, if not then read on

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
  • Name
  • Date of birth
  • Address
  • Details of savings income, pension payments and gift aid claims

Other stuff applies, but this gives you a flavour

Supplementary Pages

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
• Self-employment
• Business partnerships
• UK property income
• Foreign income or gains
• Capital gains
• Non-UK residents or dual residents

Information

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, no UTR means you get one sorted sharpish.

Documents

  • 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.

Conclusion

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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