James Murray, Practice Manager and Accountant, Visionary Accountants, St Albans, Hertfordshire said:
‘If you haven’t already completed a paper tax return for the year 6th April 2017 to 5th April 2018 you will need to submit it online by 31st January 2019 to avoid HMRC imposing fines. Otherwise you will be fined £100 for a late return. This fine has to be paid within 30 days or you are charged a further 5% on it. You have 90 days to get your return in after this period otherwise it costs you £10 a day in fines. If this is your first tax return you will need to register your details with HMRC. If you would like help completing your tax return contact us as soon as possible on 01727 730550 so we can prepare your tax information. Our accountancy team in St Albans are used to completing annual tax returns on behalf of our clients and we also provide tax advice. We will ask you to complete a fact find giving details of all the information we require to complete your tax return. We offer a free consultation to discuss your requirements.'
James Murray, Practice Manager and member of the St Albans Visionary Accountants accountancy team continued:
‘The information that HMRC needs to see is varied and includes employment information forms – either a P45, P60 or P11D. For anyone who is self-employed you must provide your accounts for the year. HMRC also need to have information on your earned income from dividends, and income from VCT’s or EIS’s. Bank or building society interest must also be submitted and rental income if you own buy-to-let properties. Other income for example child benefit, pension income and contributions, or income and assets from trusts or inheritances must be provided.’
For more information read: James Murray - Do you need help submitting your self-assessment income tax return, How can the self-employed claim expenses on their tax return