January 10, 2018

Prepare for the Online Self Assessment Tax Return Deadline

Do you struggle each year to meet the online self assessment deadline? Follow the advice of our Glasgow accountant team at The Kelvin Partnership, to make sure your problem is solved in time for the up coming deadline.

The Kelvin Partnership has an experienced and skilled team, who are passionate and committed to always achieving the best for their clients. We know that many people dread filing their tax returns, but there is nothing to worry about! Follow our guide and you will be ready to meet the online self assessment deadline!

Register Online

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The simplest part of the process to submit your online tax return!

You need to register online, and in order to do this you will need; your bank details, your national insurance number, your driver’s licence and passport number. Once this is completed, you will then have to fill in personal details and then you will need to answer a couple of yes/no questions which will allow your tax return be tailored to your personal situation.

Income and Expenses

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If you earn money from a rented out property, must declare it as income!

In order to meet the self-assessment online deadline, you will need to be clear about your income. The income you declare must include any bank interest, income from property you own, or income from shares. Also, you must include any ‘benefits in kind,’ things like a company car, mileage or fuel allowances. If you are struggling to identify your income beyond the money you earn and want additional advice, an accountant from The Kelvin Partnership will be more than happy to help.

Tax Relief

online self assessment deadline calculating tax relief

Make sure you are honest about what your expenses are.

Depending on your employment status (self-employed or an employee) you can claim tax relief on expenses. However, most expenses for which employees can claim tax relief on must be proved to be exclusively for the purpose of the company of employment. For example; if you use your own phone and broadband connection for work, but also for leisure use, you would not be able to claim tax relief.

Are you self-employed? The expense claim list for those who are self-employed includes a much wider range of things. The matter of expenses is vast and cases are often very unique, so before submitting your file for the online self-assessment deadline it is important to consult with an accountant!

Online Self Assessment Deadline – The Kelvin Partnership

This is just the basics, there is so much more when it comes to tax. The Kelvin Partnership has a range of other services you could benefit from professionally or personally. Check out our most recent post, which is about a business health check and preparing your business for the beginning of 2018!

Prepare your tax return for the deadline with help from our accountants!