Do you need to submit a paper return before the 31st October deadline? If so, read these helpful tips or contact a tax agent at www.taxback.co.uk
If you are self-employed, it is your responsibility to fill in a self-assessment tax return at the end of each tax year. The deadline would depend on whether or not you complete a paper tax return or an online tax return.
HMRC would notify you in April to complete a self-assessment tax return on paper or online. Regardless of which option you choose, you must have complete and clear records of all your expenses, including bank interest on your accounts, except ISA.
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Paper Tax Returns
You need to submit a paper tax return by 31st October. For the tax year 2016 to 17, for example, paper returns must be in by 31 October 2017. You must complete SA 100, or the main return, along with supplementary pages, depending on your business turnover. For instance, if the total annual sale is below £73,000, you must use SA 103S, and SA 103F if it’s above £73,000.
Other pages that must be completed, which will contain pertinent details, are SA102 for employment income, SA 105 for income from UK property, and other income and gains.
Online Tax Returns
If you file a self-assessment return online, it must be submitted by 31 January. For the tax year 2016 to 17, for example, online tax return must be in by 31 January 2018. Before you can make an online return, however, you must register in advance, so you will get an activation code that will be sent to you by post. Thus, the need to register well in advance.
Completing an online return is easy if you are a sole trader, but you might need a special commercial software, if you are in a partnership and must complete a Partnership Tax Return (SA 800).