The deadline for submitting your online self-assessment tax return and paying any tax due is 31st January 2019.  This is only just over three weeks away….but don’t panic!! 

Accountants are being booked up quickly as time runs out but at Umbrella Accountants, we always plan for the last-minute rush!  We have capacity to help you with your self-assessment – provided you don’t leave it until the very last minute!! Plus, if you quote ‘2019SA’ we will give you a 25% discount off the current fee!

If you miss the deadline by up to three months, then you will get an automatic penalty of £100. You could have to pay more if it is later than three months or if you pay the tax bill late.

So, what do you need to do to avoid the last-minute stress and heartache?  Here are our top tips.

1. Work out whether you need to submit a self-assessment

You will have to submit a tax return by January 31^st 2019 if, between 6 April 2017 and 5 April 2018, any of the following applied:

• You were a company director - unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car.
• You were self-employed and can deduct allowable expenses from your pay.
• You had more than £2,500 additional untaxed income such as: rental property income, savings income or investment income.
• You had more than £10,000 in savings and investments before tax or if you made profit from selling things like shares or a second home and you need to pay capital gains tax.
• Your income (or your partner’s) exceeded £50,000 and you claimed Child Benefit.
• You had income from abroad that you need to pay tax on.
• You lived abroad and had income in the UK.
• You got dividends and you’re a higher or additional rate tax.
• Your income was over £100,000 last tax year.
• You were a trustee of a trust or pension scheme.
• HMRC has contacted you and told you to pay tax (be warned that a popular email scam sees scammers pose as HMRC and request money from you – double check with the HMRC helpline if you are unsure).
• HMRC has sent you a P800 saying that you didn’t pay enough tax.
• HMRC has told you that you have to submit a return, then you must send one – even if you don’t have any tax to pay.

2. Get help today

Getting help preparing and submitting your self-assessment from a qualified accountant might feel like cheating, but it really is the best way to make the self-assessment process a breeze.  Umbrella Accountants will be delighted to help prepare and submit the return for you. Contact our friendly advisors on 0800 121 6513 or email accountancysupport@umbrella.co.uk.  Quote ‘2019SA’ and we will give you a 25% discount of the current fee!

3. Gather your paperwork

Get information about all your income, including: a P60 form from your employer showing how much tax you’ve paid (or a P45 if you left in the last tax year), information about any other types of income, bank statements showing interest payments (excluding ISAs), and information about any dividend or benefit payments.  You should also have information about your expenses to hand.

4. Focus on the task

Umbrella Accountants can help you meet the deadline, but only if you are responsive to our requests for information and gives us what we need immediately.

5. Switch to cloud bookkeeping 

It might be a little late for this year’s tax return, but if you are still using spreadsheets or paper to keep your incomings and outgoings in check – then cloud-based bookkeeping platforms could save you a lot of time and hassle next year.

Cloud-based bookkeeping software helps you stay on top of all your incomings and outgoings. You can even link it up to your bank account to monitor expenditure and use the system to store photographs of receipts for further reference.

When it comes to filing your self-assessment, some software links up with HMRC’s self-assessment portal and enables you to file a tax return with just a few clicks.  To learn about cloud-based bookkeeping systems like FreeAgent and Xero, visit our website www.umbrella.co.uk.

Umbrella Accountants are ready to help.  Contact our friendly advisors on 0800 121 6513 or email accountancysupport@umbrella.co.uk.  Quote ‘2019SA’ and we will give you a 25% discount off the current fee!