Planning for your self assessment tax bill
The UK tax year is 6 April to the following 5 April. So the tax year 2011/12 ended on 5 April 2012.
You will need to complete a self assessment tax return if you are self employed or a limited company director.
Click here to read our free guide on starting a business and registering with HMRC (opens in a new window).
Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HMRC as early as possible. Click here to download a useful pdf tax return checklist.
A self employed person will pay both income tax and class 4 national insurance (NI) on their profits plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.
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Self Assessment Tax Return Checklist 2012-13
To help you collate the information you need to prepare your self assessment tax return for 2012/13 we have prepared a useful checklist which you can download here.
In our experience, the list of income, deductions and capital transactions covers the majority of our clients but if you have other income, tax deductions or gains/losses not listed, you may need to include those on your tax return.
HM Revenue & Customs must receive your tax return by 31 January 2014 to avoid a penalty.
At HRBS we submit all tax returns and tax computations online. However, if you wish to prepare a paper return, the deadline is midnight on 31 October.
The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.
Read our guide on how your tax and NIC payments are calculated which explains the self assessment payment on account system.
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How to register your new PAYE scheme
This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC.
A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing.
