Firstly, Personal Tax return season (Self Assessment) 2019-20 finishes on 31st January 2021. Secondly, you may have done yours, so relax, but if you’ve not read on.
I’ll start by looking at the first steps and then proceed from there. Some important stuff to things to think about for your 2019-20 personal tax return.
Personal Tax Return: First steps
The first question. Do I need to bother?
Summary Step One
Firstly, you need to complete a tax return if ,
- You’re self-employed, a higher rate taxpayer
- You are a company director receiving than a salary and benefits
- It still counts if you receive child benefit, and are a higher rate earner
- We are not yet finished, get one done if you want to claim losses
- Finally, do a return if you’ve sold stuff like shares or investment property
Personal Tax Return: Second Step
Secondly, let’s have a look a look at what makes up your Personal Tax Return. The tax return has two parts.
The part everyone has to complete is the core section
There’s the extra (supplementary) pages. This is not for everyone .
Personal Tax Return: Core Section
Provide your personal details such as
- Tax Reference UTR
- Date of birth
- Details of savings income, pension payments and gift aid claims
Likewise , other stuff applies, but this gives you a flavour
Include details about your other income not in the core Section. Add details on
• Employment income
• Business partnerships
• UK property income
• Foreign income or gains
• Capital gains
• Non-UK residents or dual residents
Above all , relax and gather together all the important stuff.
Moreover, make sure you’ve got a tax reference (UTR) a 10 digit number. Most importantly, if you don’t have a UTR- get one sorted sharpish!
- For example, where you have employment income, the information will be from P60s, P11Ds, P45s
- Accounts information if you are self-employed
- Additionally, property may your thing. Use your rental accounts
However, things get lost or misplaced. Certainly, reasonable estimates can be made when you don’t have the receipts.
In conclusion, check you need to do a Personal Tax Return. If step 2 takes over.
Above all, we will tell you what you need to do next in our following blog.