Our blog keeps you in‑the‑know when it comes to the industry news and updates relevant to you and your business. You'll also find useful guides to help you operate more effectively and efficiently today and into the future.
As the deadline approaches for self-assessments, 2020 Accountancy want to make it even easier for you to submit your forms. We offer a range of services to help manage your day to day business, specifically for freelance contractors, sole traders and limited company contractors.
It can be a daunting task to face but you’re not on your own as there are millions of people each year that are required to fill in tax returns - and many miss the boat - which is not what we want to happen for you!
Who needs to do a self-assessment return?
Anyone who is self-employed or has a job, but earns extra income on the side from freelance or casual work. Don’t just forget about the profits you’re making from your eBay trading or extra cash-in-hand job do you in the evenings. This income has the potential to be taxable.
What are the deadlines?
The tax year dates for self-assessment run from 6th April to 5th April each year.
The deadline for submitting your online self-assessment is midnight 31st January. Submit your online return by the 30 December if you want the HMRC to automatically collect tax you owe from your wages and pension.
Although there is still time to get your return submitted, there are definite benefits to getting it in early: you will know how much tax you owe, allowing you more time before the end of January to find the funds. If you pay late, you’ll owe more money from the fine that you’ll receive and if you have overpaid, you will be at the front of the queue when HMRC issue the refunds!
What income do I need to work out?
• Self-employment income from all your invoices, contracts and businesses. • Employment income from any PAYE jobs that you have. You’ll need your P60 for this. • Dividends if you are running a limited company.• Partnership income if your business is set up as a partnership.• Interest from any bank cards or loans paid, along with any interest received from savings accounts. • Rental income from any properties you let out.• Overseas income from any additional funds you receive from foreign accounts. • Pension contributions - you may get tax relief from pension payments, depending on where you pay into. • State Benefits - a total of any benefits received throughout the tax year period. • Charity donations if you are claiming any gift aid on charity donations. • Capital Gains if you have made any profits by selling shares or rental properties.There seems a lot of information here but the key is being organised! If records and receipts are kept well, it really is a manageable task. Don’t struggle alone - if you have all the above information and would like our help to submit your form, you can complete our quick self assessment questionnaire and we will take care of the rest!
Feel free to contact us for additional help or advice - your business is our business - so please do give us a call to discuss further.
