Getting yourself prepared for the Self-Assessment Tax deadline

Self-Assessment is a method by which income tax is collected by HM Revenue and Customs (HMRC). For contractors or freelancers, income tax is more often than not automatically deducted from pensions, and wages. Private individuals and small businesses with other income are required to report the amount in its tax return. Our skillful accountants at DNS help owner-managed businesses and private individuals with all the tax return filing formalities. HMRC tax returns can be filed online using a unique login id.

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Before the tax return deadline, HM Revenue and Customs (HMRC) should receive the payable amount by the business or a taxable private individual. HMRC works on a tax year basis and not on a calendar year basis. A tax year starts from 6th April, until the 5th April the subsequent year.

KEY DATES

EVENTS

If an individual became self-employed or starts receiving income from property, this is a standard deadline to register with the HMRC.

31 October 2016

For the tax year ended 5 April 2016, this is a cut-off date for paper submission of self-assessment HMRC tax returns. All documents need to be filled and submitted by this date or fined will be imposed. The tax return can still can be filed online until 31 January 2017

30 December 2016

If an individual wants HMRC to collect the 2015–16 dues via future years PAYE tax code, the online self assessment return should be sent by 30 December 2016. This is anticipated to spread the liability over a 12 month period.

To file for refund / overpaid tax, form R40 is used by the taxpayers to claim a reimbursement. Deadline to claim the refund is as follows:

· From the end of the tax year, a tax payer has 4 years to claim a refund. In case, the claim is not filed within the time limit the amount to be refunded is lost. For example,

- For the tax year 2014/15, which ended on 5 April 2015, the claim should be made before 5 April 2019

- For the tax year 2015/16, which ended on 5 April 2016, the claim should be made before by 5 April 2020

DNS Accountants have their own in-house cloud based accounting software — Nomisma Solution, which, along with accounting and taxation services, provides services such as accounts management, bookkeeping, self assessment, CRM, and others.