Personal Tax returns

Hello,

Wonder if anyone can advise, last April I set up my company for my freelance Web Design & Development, and I employed an accountant at the time to set up the company and they will handle the company financial statements & company tax return at the end of march. They also handle payroll for myself and my wife who handles admin.

I'm a bit rubbish at this kind of thing, but I have just realised I have to submit a personal tax return by the 31st January. Is this right ? I'm assuming so.

My question is am I best asking the accountant to do this for me or is it something that's easy enough to do, or maybe ask HMRC how to go about it?

Does my wife have to do anything - eg fill out a personal tax retrun, or is that down to my company to sort and provide for her.

Also is there anything else that I may have missed about keeping everything in order? I'm assuming the company financial statements handled by the account are the same as filing annual company reports/records.

Thanks

Mro

[Waldorf]

I understand that as a director you will need to do a tax return, you should have received one from HMRC, not sure about your wife - has your accountant not reminded you? They are quite simple to do online, but my accountant does mine, I did mine last summer.

[TheFaQQer]

I'm a bit rubbish at this kind of thing, but I have just realised I have to submit a personal tax return by the 31st January. Is this right ? I'm assuming so.

If this is the first time, HMRC should have been in touch. All directors need to complete a personal tax return.

My question is am I best asking the accountant to do this for me or is it something that's easy enough to do, or maybe ask HMRC how to go about it?

If you have little or no complexity to your personal tax affairs, then it's fairly straightforward to do. It might be worth getting the accountant to do the first one for you quickly, and get a copy of it. If they charge too much, then next year, at least you have a template to follow.

Does my wife have to do anything - eg fill out a personal tax retrun, or is that down to my company to sort and provide for her.

If she is a director, or has previously completed a personal tax return, then she will have to do one before January 31st.

If you are sending the forms in by post, rather than an online filing, then the forms should be in the post no later than Wednesday 26th January to make sure that they are there on time before midnight on Tuesday. Online filing has to be in before 0000 February 1st, and this year they are meant to be cracking down on anything that is late.

[oversteer]

Whether you or your wife need to send a tax return depends on the rules laid down by HMRC - see HM Revenue & Customs: Do you need to complete a tax return?

This applies whether they have sent you a return or not.

They have to send a login code through the post for you to be able to do it online so REQUEST IT TODAY. I don't think it's possible for you to do a paper form now.

It's a mandatory £100 fine this year if it's late.

Once you have the login for the Self Assessment website it's pretty straightforward and your accountant should be able to provide all the necessary figures, or even do it for you.

[northernladuk]

I'm a bit rubbish at this kind of thing, but I have just realised I have to submit a personal tax return by the 31st January. Is this right ? I'm assuming so.

And being rubbish is no defense to HMRC. The word they would use is negligent which has repercussions attached to it so time to stop being rubbish at it I am afraid.

[Clare@InTouch]

Just to add that the filing deadline for paper returns was 31st October. After that date you must file online.

[mudskipper]

I understand that as a director you will need to do a tax return, you should have received one from HMRC, not sure about your wife - has your accountant not reminded you? They are quite simple to do online, but my accountant does mine, I did mine last summer.

Yes, but you have to tell them you are now a company director in order for them to issue you with a tax return number (UTR - unique tax reference). I know when I did this it wasn't as straightforward as it should have been, with the man at the end of the phone insisting I should register as self employed. So make sure you understand what you are and insist they get the number out to you - they should also then request a return.

[philip@wellwoodhoyle]

Whilst HMRC website says that directors are required to complete SA returns, this is NOT enshrined in tax law - it's nothing more than wishful thanking from HMRC.

As long as you don't actually owe any tax, then you're fine and don't need to worry about it. If they eventually ask you to do one, you have three months from date of issue of it to prepare and submit it.

Of course, if they have asked you to complete one, then you have to, regardless.

[gingerjedi]

There's a lot of scaremongering on here, I didn't do one for 3 years (as I didn't realise I had to) and HMRC were fine with it, they just let me file them late, even gave me a few hundred quid back!

If they have asked you to do one and you don't fair enough but if you approach them it's a different ball game from my personal experience.

[xoggoth]

This has come up before, do a CUK search. Regardless of what it says on HMRc site, a return is only necessary if a) there is tax to pay or b) They have asked you to do one.

Tax returns for directors | AccountingWEB

The helpline will probably advise, I always find them much more accurate than some of the stuff on their website. There is a similar error on their site regarding being registered for PAYE, the helpline told me it was wrong.