To fill a Self-assessment return, a person or business need to register an account with HMRC (HM Revenues and Customs). There are three ways to register: self-employed or a sole trader, not self-employed and registering a partner or partnership. After registering, HMRC will send you activation pin and Unique Tax Reference (UTR) by post and it usually takes more than one week. Using these credentials, a person or a business can fill Self Assessment Return Online on HMRC’s website.
The deadline for filing these Self Assessment Return Online is 31st January, after which HMRC can impose a fine of 100 Pound Sterling.
Following documents have to be attached to this self-assessment Return Online:
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P60 form: Showing your salary and tax from 6th April to 5th April of subsequent years. This may include Daily wages, capital wages, director fee etc.
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P11D form- Mentioning any tax benefits you have received
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Dividends income
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Other income received through bank interest, savings etc.
Why hire an expert to do it for you:
Filling a self-assessment tax return is a very lengthy process and even a single mistake can lead to a fine imposition by HMRC. Therefore it is advised to take help of an expert to fill these self-assessment forms. The experts know how to tackle these mistakes and save the client’s money and time. They know the tax laws and by-laws in a much better way.
Rayvat-UK is one of the UK’s leading outsourcing companies. The company’s vision is to provide its client best and friendly accounting services. You can find the best accountants and research team on this website, working with clients to solve their problems and understand their needs. The company offers services to accountants, individuals, and companies. The expert here has software proficiency in Sage, Wave, Xero, Quickbooks etc.
Let’s build cordial ties and manage a business like never before. Contact us to initiate the process, email us at accounts@rayvat-uk.com.