Tomorrow is the final day of the tax year. This means from Monday 6th April, you are able to complete your self-assessment tax return.
There are a variety of reasons why someone might be required to submit a tax return such as, but not limited to;
- You have been self-employed for any time during the last 12 months and earned more than £1000
- You may work in construction and are due a tax refund.
- You’re a partner in a business partnership
- You rent out a property or holiday let
- You received income from investments, savings and dividends.
- You received foreign income
- You’re a company director
You may also need to do a tax return if;
- You claim some reliefs such as expenses >£2500 and are claiming a tax refund
- You’re income is over £50,000 and you (or your partner) receive child benefit.
WHAT RECORDS DO I NEED TO KEEP?
There is a legal requirement for people in Self Assessment to keep records. If HMRC check your tax return, they may ask to see some of your records.
We hear reports that accountants advise clients that they do not need to keep receipts or information. This is not true and is simply against the law.
You can keep records on paper or digitally. We suggest you take advantage of our free app, Receipt-Bank.
HMRC can charge you a penalty if your records are not complete and accurate ranging from 15% to 100% of the error.
If you’re self-employed or in a partnership, you must keep your business records for at least six years.
NEXT STEPS
We aim to complete your tax return within two weeks of receiving your information.
Contact us at info@kudosaccountancy.co.uk to confirm your interest and we will contact you within 48 hours to explain the process, register you with receipt-bank and give you a rough indication of your tax refund.
Many thanks and stay safe,
The team @ Kudos
