Tuesday, 22 January 2013

Nine days and counting

www.oakbookkeepingservices.co.uk  Your Reading based Bookkeeper

Only nine days left for completing the Self-Assessment Tax Return.  Many are asking if they need to complete a tax return. Ask yourself these questions. Do you rent a property out or have more than one lodger in your main residence? Are you a director of a company? Are you making or buying products to sell on?  If the answer to any of these is yes you should be completing a self-assessment tax return.

If you do not have your UTR or have not yet gone online for your Gateway Id then you may have left it too late as it usually takes about 10 days for the Gateway Id to come through.  If you are able to complete your assessment online don't forget if you owe tax this needs to be paid by January 31st. Leaving it till the 31st then saying you didn't realise is a bit like not being ready for Christmas.  We all know when it is but are still not prepared when it comes round the same time the following year.

If you have left it late or are unsure if you have to do one the best thing to do is ring the HMRC now and discuss the best way to resolve things.  It's still not too late to contact a bookkeeper or accountant to help you with your tax returns and they can ensure your penalties (if not completed by 31st) are kept to a minimum.