You are thinking about the most cost-saving and time-efficient way to file your tax returns online, aren’t you? Well, the Self-Assessment due-date (Jan 31) is just around the corner, and now might be a good time to look into some of the essential details.

It means you will be able to file your self-assessment tax returns online and make relevant tax payments that you owe prior to Jan 31, 2020.

Why Should You Care about Self-Assessment Tax Returns?

If you fail to file your self-assessment tax returns before Jan 31, you will have to pay a penalty of £100. Now, online tax return filing might sound like a headache. However, with basic preparation, you can finish your preparation before the deadline.

Confirm Your Registration with HMRC

So long as you want to face issues with your self-assessment tax returns, ensure your registration with HMRC. A captivating new venture involves numerous operational activities, and failure to register practically means inviting more problems. Therefore, register online now and activate the service of Self Assessment.

Establish Your Mode of Tax Payment

Although HMRC will inform you about the tax amount you owe after filing, don’t forget to decide how to pay your tax bill. Yes, you can select two payments on your account. Similarly, if you somehow still have to pay taxes after payments, you should pay the tax balance before midnight of Jan 31. And if you intend to pay your tax bill through a debit card, make sure to clear at least two days for the transaction.

Keep an Eye on Deadlines of the Self-Assessment tax return in 2020

No matter what happens, you have to file your online self-assessment tax returns before the deadline. Also, don’t make the mistake of ignoring important tax return dates and deadlines or delay the filing of your online tax return for even a day.

Hire an Experienced Accountant

Filing income tax online can startle anyone. The trick is to realize that you are not alone and hire a qualified accountant to file your self-assessment tax return in 2020. For instance, an accountant can take care of all your deductions.

If you, for example, work from home, accountants can help you claim a part of the utility bills. Nonetheless, a tax accountant would be a better choice who can help you understand the intricate details of the tax system and would certainly inform you about any changes in the foreseeable future.

Correct Your Mistakes

You must go through your complete record of expenses, receipts, and invoices. Furthermore, make sure that you don’t have a savings account to pay your tax bill.

Final Thoughts: Self-Assessment Tax Returns

Now that you know the foundational information concerning filing your self-assessment tax returns, your mind should be at ease. Remember, you can always find out more details about your self-assessment from the HMRC. Planning, that’s all it takes to file your self-assessment tax returns online without stress and on time.

You can, of course, take care of your online tax return filing on your own. But if you want to resolve any confusion and seek the right answers, a professional and experienced accountant can help you figure out complex technicalities.

We can help with all of your business and personal tax and financial planning needs. For a strategic review of your finances, please contact us.

Disclaimer: We don’t take any responsibility for actions taken based on above information. Please speak to our financial advisor if you need more information. This guide was written specifically for Smart Accounting clients. Some of the information contained in this guide might not be applicable if you do not have a business managed by Smart Accounting. By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details are correct at time of writing.


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