Last call – 2014 self assessment tax deadlines
If you are just starting out as a self-employed professional, one of the first (and most important) administrative tasks is registering for self assessment with Her Majesty’s Revenue and Customs (HMRC). In doing so, you register your intention to calculate and pay your own income tax directly to HMRC at the end of the financial year (4th April).
On the face of it, this gives you nearly seven months to get in touch with HMRC. But if you plan to complete your tax using paper-based forms, the window is considerably shorter – your tax return must be completed, submitted and received by HMRC no later than the 31st October. Here are our tips to help you, and to make the process easier in future.
You need to get started now
However you choose to submit your tax return, you should register with HMRC as soon as possible. HMRC expect you to register by the ‘5th of October following the end of the tax year you need to send a tax return for’. So if you need to pay tax for the financial year April 2014 – April 2015, registration must be completed by 5th October – two weeks from now.
HMRC also advise that you complete your registration at least 10 days before the deadline, because they need to post you your login details before you can access the self assessment website. If you plan to complete a paper-based tax return, you can go ahead and download a copy of form SA100 from the HRMC website along with instructions on how to complete it. It may be worth downloading two or three copies so that you can review and practice the process.
You will also need to get your accounts in order for the previous financial year, pulling together details of all incomings and outgoings to calculate your total income. You will also need to ensure that you have copies of all the relevant invoices, receipts and expenses, should an HMRC inspector want to review your submission.
Once you are sure that your accounts are in order, go ahead and complete form SA100 as instructed. Make sure that you leave enough time for the form to make its way through the postal system, or you will have to deliver the paperwork by hand to your nearest tax office.
Making things easier for yourself
After registering for self assessment, your login details also allow you to complete your tax return online. Without the hassle of printing, completing and posting paperwork, the online submission process is far easier – another benefit of going paperless in business. There is also the added benefit of having another three months to complete and submit your return – the online assessment deadline is the 31st January.
For future years, our top advice is to consider reviewing the software you use for keeping your accounts in order. Tools like Xero assist with the year-end process, calculating all the values you need to submit automatically. You can also get professional help from a small business specialist accountant to ensure that everything is entered and reconciled correctly before submission.
The one thing you cannot afford to do is nothing. Give our expert team a call today and ask us how we can help get you ready for your next tax return.
