Filing your Tax Return
Do you file a Self-Assessment Tax Return? If so, the deadline is soon approaching! Your online return for 2018/19 must reach HMRC by midnight on 31st January 2020 along with any payment due. If you miss the 31st 2020 deadline you will have to pay a penalty, even if you have no tax to pay or if you pay off the tax due on time.
There are many personal circumstances that require you to complete a tax return and it is your responsibility to register with HMRC for self-assessment should your circumstances change. If you have not registered before and you realise you do need to submit a tax return, you are able to register and then have three months from your registration date to submit your tax return.
You are required to complete a tax return if any of the following applied to you in the 2018/19 tax year:
- You were self-employed and earned more than £1,000
- You received more than £2,500 in untaxed income
- Your investment or savings income totalled £10,000 or more before tax
- You made gains larger than the annual Capital Gains Tax allowance (£12,000 for 2018/19)
- You were a company director
- Your income was over £50,000 and you received child benefit
- You received income from abroad that you need to pay tax on
- You lived abroad and received UK Income
- You received dividends from shares above £2,000 or foreign dividends above £300
- You received interest over £1,000 and are a basic rate tax payer or £500 and pay higher rate tax
- Your income was greater than £100,000
- You were a trustee of a Trust or registered pension scheme
At Philip J Milton & Company Plc we offer a comprehensive tax and accountancy service and are able to undertake annual company accounts as well as personal tax returns. Each tax return is completed by a suitably qualified individual and then checked by a financial adviser to ensure all annual tax efficient allowances are used fully. This has the added benefit of ensuring that financial planning and tax advice operate together to provide optimal tax efficient outcomes for our clients.
To arrange a no obligation appointment at our cost with one of our highly qualified tax advisers to discuss our service further please do not hesitate to contact the office to arrange a mutually convenient appointment.