The Business Bulletin
Top tips for preparing your own tax return As a business owner, a Self Assessment Tax Return is something that you will be required to complete each tax year to declare your income (and pay over any tax owed) to HMRC.
Many individuals and business owners
■ If you have untaxed income
prepare and submit their own tax
such as: money from renting
returns directly to HMRC. If you haven’t
out a property; tips and
done so already, now is the time to get
commission; income from
your 2019/20 tax return prepared and
savings, investments and
submitted well before the 31st January
dividends; foreign income
2021 filing deadline.
Who needs to complete a Self Assessment Tax Return? You are required to complete a tax return if in the last tax year (2019/20) you were: ■ Self employed as a ‘sole trader’ and earned more than £1,000 ■ A partner in a business partnership ■ A director of a Limited company ■ An employee or pensioner and earned over £100,000 ■ Owing Capital Gains Tax from selling assets ■ Claiming child benefit and you or your partners income was over £50,000 ■ Living abroad but receiving an income in the UK
18 | Issue 1 – Finance
Please note that it is your responsibility to make sure you notify HMRC of any changes in circumstances and to make sure you declare all taxable income each year. If you have received a notice to file a tax return you must complete it regardless of whether you owe tax or not.
Ruth Chettle Canary Accounting After spending the previous 12 years working in a number of Northamptonshire practices, Ruth decided to take the leap and set up her own practice in January 2020. Specialising in looking after individuals and owner-managed businesses her aim is to make accounting and tax less stressful, more affordable and
Here are some of my top tips for preparing your own tax return:
make things as easy for you as possible. 07805 973447 ruth@canaryaccounting.co.uk canaryaccounting.co.uk
Make sure you have registered for Self Assessment with HMRC
Make sure you have a HMRC
If 2019/20 was the first year you
online services account
needed to prepare a Self Assessment
To file your tax return directly with
tax return you are required to notify HMRC by 5th October 2020.
HMRC you will need to have a HMRC online services account and have
This will allow HMRC to set you up
registered for the Self Assessment
with a Self Assessment record and they
online service. If you haven’t done
will issue you with a Unique Taxpayer
this already, you can register on the
Reference (UTR) number which will be
HMRC website but a point to note is
required to submit your tax return.
it can take up to 10 working days to
