With the 31 January Self-Assessment deadline approaching, the top 5 most popular Self Assessment questions that were identified by HMRC as being the most asked by customers to compete their returns are outlined below.
You’ll need to complete a tax return if any of the following apply, in the last tax year:
Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters). You usually won’t need to complete a self-assessment return if your only income is from your wages or pension.
When you fill in a tax return online, it automatically works out and displays how much tax and Class 4 National Insurance contributions you owe. It will also allow you to print your calculation.
You can register on GOV.UK or assign an Accountant as your Agent to calculate and complete your tax return for you. During registration you will be set up with a user ID and password. HMRC will then send you an activation code by text. Once you’ve activated the service, you can then complete your self-assessment return.
If you have problems signing in, there’s a number of ways to reset and gain access to your tax account. Follow the online prompts to get a reminder of your login details or reset your access code.
To confirm your identity make sure you have your National Insurance number, and other forms of ID such as your passport, P60, tax credits letter or payslips.
Your online Self-Assessment tax return needs to be in by 31 January 2018, otherwise you will receive a £100 fine.
The Self-Assessment return for 2016/17 will be the very first return with Dividend Tax. Dividend tax was introduced by the former Chancellor of the Exchequer; George Osborne in the 2016 Budget. Key changes from 6th April 2016 are,
You are more likely to therefore, have “Dividend Tax” and “Payment on Account” on your 2016/17 Self-Assessment return