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The annual responsibility of filing your Self-Assessment has come around again and the deadline for your online submission is fast approaching. All assessments must be submitted by 31st January 2015 in order to avoid the late submission fine of £100.
Along with the submission of your assessment, you will also be required to pay any outstanding tax due as a result of the calculations by this deadline date.
Self-Assessments, also known as a Personal Tax Return, can be complex and take an extensive amount of time to complete – time you may not have as a busy contractor.
It is not as simple as just completing the assessment online and clicking ‘send’. Prior to this you would need to obtain your UTR number and activation code from HMRC in order to use their online filing application.
Furthermore, you will require all relevant financial records, receipts etc. for the 2013/2014 tax year in order to complete your assessment correctly.
Simple steps to completing your assessment…
1. Determine whether you are required to file an assessment – see criteria for self-assessments.
2. Engage Churchill Knight to complete and file your Self-Assessment online for a one off annual fee.
3. If you wish to complete your Self-Assessment yourself, you will also need to register with HMRC Online Services to set up your own online account and passwords. If you engage Churchill Knight you do not need to worry about this step!
Many contractors turn to Churchill Knight at this time of year to ensure their experience is as hassle free and simple as possible. Do you need help submitting your 2013/2014 assessment? Contact our Personal Tax Return Team now on 01707 871610.
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The Churchill Knight blog is regularly updated with helpful content for contractors and freelancers – especially articles that answer the most frequently asked questions about umbrella companies! Please pop back shortly to see the latest articles written by Andrew Trodden (Marketing Manager) and Clare Denison (Marketing Executive).