HMRC Self Assessment Tax Return deadline in on 31st January 2019. Time is running out!

1. Know the financial year.

First and foremost: know your dates. This financial year has run between 6 April 2017 and ended on 5 April 2018, and any income earned in that time should be included. When you were paid doesn’t matter, the most important thing is when the invoice went out. If you sent out your invoice in the current tax year but didn’t get paid until after the deadline, you should still include it.

2. Self-employed pages.

Remember that this is only about income generated by your business. HRMC are not concerned by other income such as personal investment, rental income or other jobs when filling in the self-employed pages. Take the time to differentiate everything that is a direct result of your business and do not blur those boundaries

3. VAT.

Separating VAT from your income is a relatively simple sum. However, for those who haven’t invested in financial accounting software don’t forget to remove VAT. If you are using a spreadsheet at home or at work that you have created, remember to check that you are not including VAT when logging your receipt amounts. This is a really common problem and it is exactly sort of mistake that can lead a fine from HMRC.

4. Know your UTR.

The UTR (Unique Taxpayer Reference) is given to you when you register with HRMC and is required to submit your taxes online. However, if you lose your UTR, HMRC cannot give you a new number over the phone, so you may have to wait for a few days before they resupply you with it. If you realise you have misplaced your UTR make sure you apply to HRMC for a replacement at the earliest possible opportunity.

5. Remember to pay.

This may sound like the most obvious point of all, but don’t forgot to actually pay your tax return! Small business owners, especially if they are doing this for the first time, will have read a lot about what they need to do to avoid fines and get their tax return in on time, but they must remember to actually pay by the 31st January 2019.