Tips for Completing your Self Assessment Tax Return

Self Assessment Tax Returns have to be filed by the end of January, so you haven’t got long.  Anyone can complete and submit their own personal tax return.  The following tips may help you:

1. It is now too late to file a paper return, so it must be done online.  If you haven’t already registered to file online, get this sorted ASAP, as this may take a couple of weeks to come through.
2. Make sure you have all your documents – for instance, if you are employed, you will need a P60.
3. Consider whether there are any employment related expenses you can claim; for instance, if you are paid mileage for using your own car for doing your job at less than 45p per mile (for first 10,000 miles), you can claim tax relief on the difference.
4. If you are self employed, remember that capital expenditure will be dealt with under capital allowances (e.g. Annual Investment Allowance).  Also, if you work from home, don’t forget to claim for use of home as office.
5. If you have previously come across late filing penalties, you should be aware that they have now changed, and have got harsher.
6. If you are due a tax refund, remember to claim it – HMRC do not send you your own money back automatically!  However, be suspicious if HMRC send you an email saying that you've got a tax refund.

This list is not exhaustive, but may help you to prepare.  If you have more complicated tax affairs or are self employed or own a limited company, we would recommend you get advice – of course we would, we’re accountants!  Seriously, the cost of advice may be more than compensated in terms of time and tax saved.

NB any advice above is generic and may be subject to individual circumstances.