Get on top of your 2020 Tax Return
With everything that has been going on out there, it could be very easy to forget about the completion of your 2019/20 Tax Return.
If, in the period 6 April 2019 to 5 April 2020, you have
- Received income from property such as a furnished holiday property or a buy to let
- Commenced a sole trader business which has generated more than £1,000 in income
- Been invited to join a Partnership
- Received investment income (such as bank interest or dividend income from shares held) in excess of available savings allowances
- Receive income from overseas, subject to the terms of a Double Tax Treaty
and have never completed a Tax Return before (or completed one many years ago), you will need to register for Self-Assessment by 5 October 2020.
This registration process can take time and be quite arduous so our advice would be to do this sooner rather than later.
Those of you that still prefer to file their 2019/20 Tax Returns by paper, this needs to be actioned by 31 October 2020 if late penalties are to be avoided. However, don’t be pressurised by this deadline.
In preparation for Making Tax Digital, all businesses and property landlords with income over £10,000 will soon need to keep records electronically and file their Tax Returns digitally.
For those of you who still file by paper and are conscious of the fast approaching deadline of 31 October 2020, why don’t you spend the next four months recording all your income and tax deductible expenses electronically, and register in advance to file your Tax Return online with HMRC by 31 January 2021?
Where possible, we file all our client’s Tax Returns electronically. If you would like CKLG to help you transition from paper to digital tax filing, do call one of our friendly private client tax advisers on 01223 810100.