Tax Returns

Self-Assessment is the system HMRC uses to collect any tax due by individuals on any income they receive that isn’t taxed at source.

It is your ‘Unique Tax Reference’. Individuals who are registered for self-assessment are issued a personal UTR number when they register. You will find this number in any correspondence from HMRC relating to your personal tax affairs.

Your UTR number will be sent to you in the post. It can take up to 10 working days.

If you have set up an online HMRC login you will be able to find it here.

Alternatively, you can call HMRC on 0300 200 3310. Have your National Insurance number ready when calling as they will ask you to provide this to pass security.

You can get your SA302 from HMRC by phoning them on 0300 200 3300. Have your UTR or National Insurance number ready when calling as they will ask you to provide this to pass security.

If you have earned income from self-employment, freelance work, CIS subcontractor work, property rentals, dividends, or you are employed earning over £100k, you will need to submit a tax return.

Once the tax year end of 5^th April passes, you have 9 months to submit your tax return and pay any tax due.

The deadline of 31^st January is the latest your return can be filed and tax paid. The earlier you get your return in the better then you can forget about tax for another year!

Tax return submissions involve submitting your financial information to HMRC every year, ensuring that you are paying the correct amount of tax, as you may be owed an income tax return. By using a team of professional chartered accountants to calculate tax, you can ensure your tax return submissions are carried out properly, so that you can retain as much of your hard-earned cash as possible.

Don’t worry! We can easily submit an amended return to HMRC. Once you realise you have made a mistake it is best to get a correct return filed as soon as possible.

With such a comprehensive online service, we are able to help almost anybody with self-assessment tax returns, even if you have a varied range of income sources. With a one-off payment of £180, our team at Simple Taxes have made the process of preparing and submitting your tax returns online as simple as it could be, so you don’t need to dread completing your tax return yourself.

Online filing can be a complicated process, and the HMRC website doesn’t always help. So save as much time as possible and use our quick self-assessment tax return service. We can help you to file a tax return if you fall under one of the following categories:

• SELF EMPLOYED – If you are self-employed and making over £1000 per tax year, you will need to submit a self-assessment tax return by the end of the tax year. 

• LANDLORDS – If you are a landlord receiving rental income, you are required to file your tax returns to HM revenue and customs every year. When you file online with us, you are likely to save more money than you may have originally expected, thanks to our qualified accountants having a keen eye for spotting any missed expenses and allowances.

• HIGH EARNERS – Income tax can be a huge burden once you start making large amounts of money in your career. For this reason, we should be your first port of call when you need to pay your taxes.

Each of these circumstances are completely different and will require a unique approach to get everything right, saving you as much money as possible. Filing online has never been easier, regardless of your situation. So choose the team who are making tax digital when you need to submit a tax return. We always provide good service so you won’t be let down, and we always have space for new clients here at Simple Taxes.

Here at Simple Taxes, we aim to make filing your online tax return as easy as possible. We have developed a straight-forward, 100% online step-by-step system, ensuring you don’t have any struggles when you need to submit your tax return.

Firstly, we need you to answer a few basic questions on your income sources and expenses so that we can gain a full understanding of your financial situation.

Secondly, your assigned accountant will be in touch with you to request any documents and/or information, and to check that we aren’t missing anything important, as even small expenses can add up to a significant amount over time.

Finally, we hand your tax return over to you for approval by e-signature, giving you a chance to check it over and make sure everything is perfect. Once you have signed off the tax return, we will file it with HMRC for you in good time of the deadline.

If you have made a loss in the year you will still need to complete a tax return. The loss can be carried forward and offset against your profits in future years.

When you need to submit your tax return, the deadline will vary depending on the method you choose. If you are submitting a paper tax return, the deadline is 31 October, however if you are submitting your tax returns online, the deadline is 31 January, giving you more time.

You can pay any tax due via your online HMRC login. If you don’t have a login you can pay online without logging in, via the HMRC website.

There are a number of ways you can pay online:

• debit or credit card
• bank transfer
• direct debit
• cheque

You will need your personal UTR (Unique Tax Reference) number as your reference.

Not necessarily. If you have expenses, you will pay tax on the profit. This is your income less your expenses. Simple Taxes are experts when it comes to spotting missed expenses!

Yes, if you are employed under PAYE or receive a company pension, you can pay your self-assessment tax bill through your tax code. To be eligible for this your tax bill must be less than £3k, and submitted online by 30^th

As a general rule of thumb, self-employed individuals should aim to put away 30% of their income to cover their annual tax and national insurance bill. If you do this you should always have enough savings to cover your tax bill.

Payments on account are advance payments towards your next tax bill, based on your liability in the last tax year. The system is intended to split your tax bill over two payments, which for some may be easier than making a single large payment once a year.

Yes, you can reduce your payment on account if you believe your income for the following year will not be as much. Be aware though, if you over-reduce your payment on account HMRC will charge interest on the shortfall.

If you are struggling to pay your tax due to HMRC by the deadline, you won’t receive a penalty if you contact them before the 31st January deadline, to set up a Time to Pay arrangement.

If you received a penalty from HMRC for late submission of your tax return, or late payment of tax, you can appeal the penalty if you have a reasonable excuse. This can be done online via your HMRC login, or by post using a form SA370.

You will have to pay a late filing penalty of £100 if you are up to three months late with your tax return submission. This fine will increase if your submission is later than 3 months and you will be charged interest on any late payments. This is why it is so important to submit your income tax returns on time, every time.

You must pay any tax due by 31^st January each year, to avoid HMRC’s late payment penalties and daily interest charges. If you have to make payments on account, these are due on 31^st January & 31^st July. See FAQ ‘What is a payment on account’.

Yes, if you both legally own the rental property, you must both declare this on your own separate tax returns.

By law, you should keep hold of all your records for 6 years, plus the current year. The more detailed records you keep the easier it will be to answer any questions HMRC might have.

You should aim to keep a record of your income and expenses as you go, to make completing your year-end taxes less of a dreaded task. This can be done using spreadsheets, or software such as Quickbooks Online. Having a business bank account separate to your personal account will also help you greatly.

• If you earn under the personal allowance, Marriage Allowancelets you transfer some of your unused Personal Allowance to your husband, wife or civil partner, reducing their tax bill.

It’s free to apply for Marriage Allowance.

Your partner’s income must be under £50k to be eligible.

You can backdate your claim to include any tax year since 5 April 2018 that you were eligible for Marriage Allowance.

If you have applied for marriage allowance it is important you let us know so that we can factor this into your tax calculation.

You can apply for marriage allowance on the HMRC website here.