Skip to main content

The ultimate tax accountant guide to filing a tax return

By 30/01/2023June 12th, 2023No Comments
a tax return being written on a typewriter. Written by tax accountants based in peterborough

A self-assessment tax return can look daunting, and with the tax return deadline just around the corner, we have prepared the ultimate guide to filing a tax return below.

Do I need to submit a tax return?

If you are self-employed or run a business, earn income through property or earn income through savings or investments, it is more than likely you will need to fill in and file a self-assessment tax return.

If you are unsure of your position, get in contact with Direct Peak Accountants today, who will be able to advise you further and help you file your tax return with HMRC.

How do I register for a tax return?

If you have never filed a tax return with HMRC before, firstly, you will need to register for self-assessment. You can register online through the HMRC website, and once you have completed the registration, HMRC will send you a Unique Taxpayer Reference (UTR) number.

You will need your UTR number to file your self-assessment return, so please keep this handy before filing your return. HMRC will also send you a reminder letter or email telling you to complete a self-assessment tax return before it’s due.

What information do I need to put in my tax return?

Once you have registered for self-assessment and received your UTR number, it will then be time to compile the information needed to put into your tax return. You will need to ensure you have the following to include in your return:

– Your ten-digit Unique Taxpayer Reference (UTR) number

– Your National Insurance number

– Details of your untaxed income from the year, including income from self-employment, dividends, and interest received from savings & share dealings.

– Details of any expenses relating to self-employment

– Any contributions to charities or pensions that might be eligible for tax relief

– P60 or other records showing how much income you have received that you’ve already paid tax on.

– Details of any benefits in kind received in employment (or form P11D)

If you are unsure of what to include on your self-assessment return, please get in contact with Direct Peak, who will be able to guide you through what information is needed to complete your return.

How do I fill in a tax return?

There are two sections to a self-assessment tax return. The main section is the SA100, which deals with:

– Taxed and untaxed income in the form of dividends and interest

– Pension contributions

– Charitable donations

– Benefits, including State Pension, Child Benefit and Blind Person’s Allowance

If you have extra income to declare from self-employment, property or capital gains, you’ll need to fill in a supplementary page. If you’re:

– Self-employed, it’s page SA103

– Reporting property income, it’s page SA105

– Declaring capital gains, it’s page SA108

In these pages, you’ll need to report income from these sources that you haven’t paid tax on and also declare any allowable expenses which will be deducted from your tax bill.

What dates do I need to remember?

You submit tax returns in arrears for tax years, not calendar years. For the 2021/22 tax year, the period of information needed will be between 6th April 2021 to 5th April 2022 – you would need to:

– Register for self-assessment by 5th October 2022 if you’ve never submitted a return before

– Submit your return by midnight 31st October 2022 if filing a paper tax return

– Submit your return by midnight 31st January 2023 if filing online

If you fail to meet one or more of these deadlines, you might be charged a penalty fee and interest on late payments.

An automatic penalty of £100 is charged if your tax return is filed up to 3 months late, and this will increase further once those three months have passed.

When do I pay my taxes due?

When you’ve submitted your self-assessment tax return, you’ll be told how much tax and national insurance contributions you’ll need to pay. The deadline for payment is 31st January following the end of the tax year – for example, the 2021/22 tax year is due for payment by 31st January 2023.

Unless your last self-assessment tax bill was less than £1,000, or you’ve already paid more than 80% of all the tax you owe, you’ll be asked to make ‘payments on account’ towards your next tax bill.

‘Payments on account’ are made up of two payments, each one is half of your previous year’s tax bill. They’re due by 31 January and 31 July. For example, if your tax bill for 2019/20 was £1,500 – during the 2020/21 tax year, you’ll make two payments on account of £750 each. When you submit your 2020/21 tax return, these two payments are deducted from your tax bill. So, if your 2020/21 tax bill was £3,000, £1,500 (two payments of £750 on account) will be deducted on 31 January and 31 July that year. And you’ll have to pay £1,500 as a balancing payment, plus an extra £1,500 as your first payment on account for the 2021/22 tax year.

If your tax bill is less, HMRC will send you a refund. If you know your tax bill will be lower, you can contact HMRC and ask for a reduction on your payments on account.

There are many ways to pay your Self Assessment tax bill. But the length of time depends on which method you choose. If you’re making your payment close to the deadline day, choose one of the faster options to make sure you don’t get penalised.

The fastest ways to pay are:

– Online or telephone banking

– Clearing House Automated Payment System (CHAPS)

– Debit or corporate credit card

– In person at your bank or building society

If you have any questions or want to find out more about filing your tax return, get in contact with us today, and we will ensure that your return is filed well ahead of time and that any taxes owed are calculated correctly and notify you of any payments due.

Looking for business accountancy services

    Stay up-to-date with the latest accounting news and insights on our blog!

    We hope that you found this accountant blog useful and will continue to read our other blogs here: Are You Looking To Hire An Accountant? Here’s What You Need To Know. We have many more topics that we would like to cover on our accountant blog, and we encourage you to check them out regularly, follow us on Facebook, Twitter or share or like our blogs.

    We are ready to take your business to the next level. Get in touch with Direct Peak today!

    Direct Peak Accountants is here to help your business grow and reach its full potential. We have the expertise and experience needed to support you in meeting your goals. Get the advantage of our professional services at a very affordable price!

    Reach us through LinkedIn or call us at 01733 973308 and get a FREE quote now! Start using our accounting services to grow your business with us, and we will help you with all your accounting needs.

    Meet Direct Peak Accountants: Your trusted partner in accounting and tax services.

    Direct Peak Accountants is a full-service accounting firm specialising in bookkeeping services, tax services, virtual CFO services, and payroll services. We are committed to providing our clients with the highest quality of service at an affordable price.

    We have a team of dedicated tax accountants who work hard to help you get the most from your tax. Our clients include individuals, small businesses and not-for-profit organisations. We are dedicated to helping you achieve your financial goals by giving you the tools needed to make informed decisions about your finances.

    Everything you need to know about tax returns.

    What is a tax return?

    A tax return is a form that individuals and businesses use to report their income and taxes paid to the government. It is typically filed annually and is used to calculate the amount of taxes owed or refunded. Tax returns are used by the government to determine an individual or business’s compliance with tax laws and regulations. Filing a tax return is a legal requirement for most taxpayers. Failure to file a tax return can result in penalties and fines.

    How do I get a tax return?

    To get a tax return in the UK, you will need to file a Self Assessment tax return with HM Revenue and Customs (HMRC). This typically involves completing and submitting a tax return form, which can be done online or on paper.

    You will need to gather all necessary documentation, such as P60s, P11Ds, and other forms that report your income and deductions for the tax year. You will also need your National Insurance number. The deadline for filing a self-assessment tax return is usually on or before January 31st of the following year. If you owe taxes, you will be required to pay them. If you are due a refund, it will be sent to you by mail or direct deposit.

    When can I file my tax return?

    In the UK, the deadline to file a self-assessment tax return is on or before January 31st of the following tax year. For example, the deadline to file the 2020-2021 tax return is January 31st, 2022.

    It’s important to note that you need to register for self-assessment with HM Revenue and Customs (HMRC) by October 5th of the tax year if you want to file a paper return, or by midnight on January 31st if you want to file online. Also, If you want HMRC to work out your tax bill for you, the deadline to register for this service is October 31st of the tax year.

    It’s recommended to file your tax return well before the deadline to avoid any penalties.

    Does everyone get tax returns?

    Not everyone in the UK gets a tax return. Tax returns are typically only required for individuals or businesses who have income that is not already taxed at source, such as self-employed income or rental income. If you are an employee and your employer deducts tax from your salary, you may not need to file a tax return.

    However, certain circumstances may require you to file a tax return even if you are an employee. For example, if you have additional income from other sources, such as renting out a property, or if you have capital gains, you will need to file a return. It’s always best to check with HM Revenue and Customs (HMRC) to see if you are required to file a tax return or not if you are unsure.

    Do tax returns pay you?

    A tax return in the UK can result in a refund of taxes paid if the amount of taxes paid during the tax year is more than the amount of taxes owed according to the tax return. When you file your self-assessment tax return, if you have overpaid taxes during the tax year through payroll withholding or estimated payments, the government will issue you a refund for the overpaid amount. The refund will be sent to you by mail or direct deposit. It’s important to note that if you owe taxes, you will be required to pay them. So, you’ll need to file your tax return even if you are not expecting a refund.

    Steve Marshall
    Steve Marshall
    The whole team at Direct Peak have been amazing to work with. Everything we have been looking for from an accountant. Thank you from Acoustic Associates
    Luke Tyler
    Luke Tyler
    The Direct Peak team are exceptional in all they do. They demystify my questions on accounting, offer clear, sound advice, and help me to make informed decisions about my business.
    Don Wiid
    Don Wiid
    Karl Newman and his team help us with our Xero accounts system, making sure it is accurate and up to date. The real value though, is Karl's experience as a management accountant, providing indispensable advice on a monthly basis to ensure we keep growing.
    Craig Sawyer
    Craig Sawyer
    Direct Peak are the perfect accountants for me. Always helpful and friendly. They take away any of my accountancy headaches which allows me the time to focus on my business. Would highly recommend them and do to any business owners I can. Thank you all !
    Kelsey Brace
    Kelsey Brace
    I've worked with Karl & Direct Peak for years. They have always provided great service and advice. Highly recommeded!
    Sana Hanassi-Savari
    Sana Hanassi-Savari
    Great service, I would highly recommend them. The team are friendly, always around to help and very knowledgable.
    Simply Antivirus
    Simply Antivirus
    Direct Peak was the right choice for us. Outstanding friendly service. The team are highly knowledgeable regarding tax and financial matters, and they have been an asset to the running of our business. Very approachable and have an answer to all my questions. Highly recommend them! Very well done guys!
    catherine Johnson
    catherine Johnson
    I recently changed my Accounting to Direct Peak, mainly due to Karls brilliant support with advice regarding making Tax Digital and around my business growth intentions. Having run my own small business and being with my previous accountant for 13 years, I have been SUPER impressed with every aspect of the move - the advice, the support, and mostly the friendliness of the team and their willingness to want to help. Eve has been so amazing at supporting me to make the transition to Digital VAT returns - I cannot recommend Karl and his team at Direct Peak highly enough - Thanks Guys!
    Peter Baker
    Peter Baker
    Karl has been outstandingly patient and generous with his time. I cannot recommended Karl enough. He has helped massively in starting up my own company.
    Click Here

    Dedicated Contact

    Direct Peak provides a dedicated business tax accountant, who will prepare your annual accounts and tax returns. They will be on hand to answer any tax queries you have.

    Click Here

    Tax Efficient

    Your business tax accountant will ensure that the company is set up in the most tax-efficient way and that you are claiming for all the correct expenses to maximise your earnings.

    Click Here

    Quick Turnaround

    We aim to turn around the annual accounts and tax returns quickly to give you visibility of your tax bill well in advance of it being due.

    Close Menu