Self-Assessment Tax Return 101: Filling In The Form Fast

Date: 25/01/2021
Author: GoSimpleTax
Company: GoSimpleTax

First time filling out the Self-Assessment tax return? You’ll need to know what exactly its submission entails.

It’s really not your average form. There’s a substantial amount of information you’ll require to ensure you submit it both accurately and compliantly.

Thankfully, Mike Parkes from GoSimpleTax has provided the necessary steps to empower you to file with ease.

Step 1: Register in time

You can’t just fill in the information and send it over – there’s a registration process beforehand. This requires registering for a Self-Assessment tax return and Unique Taxpayer Reference (UTR) number.

There’s a deadline for this too – 5th October of your business' second tax year. If you don’t meet this, you’ll likely receive a penalty.

And if you’ve already missed it, then this doesn’t mean you don’t have to file the tax return. You’ll need to contact HMRC at the earliest opportunity so that they’re made aware and can advise you on your next steps.

Step 2: Have all the relevant data

After registration, a UTR number will be sent to you by HMRC. You’ll need this 10-digit code at hand to ensure you can file the Self-Assessment tax return.

Other information required is your National Insurance number, evidence of all income and expenses, and any pension or charity contributions.

Include any untaxed income too, and remember that this may not necessarily be just from self-employment. There are many other forms of income – from employment, for example, or income from property or sources abroad. There are supplementary pages for each type that you’ll need to include with the main tax return itself.

Greater Manchester Chamber of Commerce members receive a 25% discount off GoSimpleTax – Get started today and your discount code will be emailed to you.

Step 3: Remember to pay

The tax return process isn’t over once you click the submit button – you’ll need to pay any tax owed too! The deadline for this is the same as the due date for the online Self-Assessment tax return: midnight on 31st January.

Depending on how you choose to pay, you’ll need to give up to five working days for the payment to go through. Therefore, it’s best to file and pay as soon as possible – especially as late payments can carry a penalty too.

If you want to pay your Self-Assessment bill by having a restriction in next year’s PAYE tax code, you need to file the return by the 30th December. 

It’s important to note that there is another payment deadline – 31st July – which is applicable if you make payments on account.

Submit faster with digital tools

The quickest way to be able to follow all these steps in good time is to adopt Self-Assessment tax return software. You’ll save a substantial amount of time using their various functionalities.

A main one is taking away the likes of repetitive data entry and calculations. You’ll be able to enter information (like income and expenditure) at any point and from any device, and the software will update in real time – giving you an accurate overview of your tax position.

With additional features such as tax-saving suggestions and automated reports, you’ll benefit from more than just speed by going digital.

**25/01/21 HMRC updated their guidance to state that they would not be issuing fines for late self-assessment tax return submissions until 28th February 2021. However, the deadline of 31st January remains for payments and any late payments will incur interest at 2.6%. 

HMRC are urging customers to file their self-assessment as soon as they can - to avoid any last minute problems and to give people enough time to apply for the Time to Pay arrangement if they are going to struggle to pay their tax bill.  

About GoSimpleTax

GoSimpleTax software submits directly to HMRC and is the solution for self-employed sole traders and anyone with income outside of PAYE to log all their income and expenses. The software will provide you with hints and tips that could save you money on allowances and expenses you may have missed.

Trial the software today for free - add up to five income and expense transactions per month and see your tax liability in real time at no cost to you. Pay only when you are ready to submit or use other key features such as receipt uploading.