Self-assessment tax return 2016/17

Self-assessment tax return 2016/17
We are heading into the time of year that most businesses hate. The deadline for self-assessment tax return 2016/17 submission is Midnight Tuesday 31st January 2017.  This deadline is for online submissions only as you should have submitted your paper tax return by Midnight 31st October 2016.

Here are two things to think about over the next few weeks to help you get ready.

1.    Who needs to submit a tax return?

Many of you have probably filed a tax return before but just in case this is potentially the first time we wanted to outline who should be submitting a tax return.

The tax year runs from 6 April 2016 through to 5 April 2017 so if any of these below apply then you need to submit a self-assessment tax return for 2016/17:

•    you are self-employed

•    you got £2,500 or more in untaxed income

•    your savings or investment income was more than £10,000 before tax

•    you made profits from selling shares or a property

•    you are a company director of a Limited Company

•    You claimed Child Benefit and your income (or joint income) was more than £50K

•    you had taxable income from abroad

•    you a UK income and were living abroad

•    you got dividends from shares, and you’re a higher or additional rate taxpayer

•    your income is over £100,000

•    you are a trustee of a trust or registered pension scheme

Also, you may need to submit a tax return if you were contacted by the HMRC stating that you didn’t pay enough tax last year.  This request is called a P800.

2.    Have you registered with HMRC?

You should have already registered with the HMRC so you can submit your tax return or your accountant may have done this for you.  You will have been assigned a Government Gateway account which allows you to use the online service.

If you have not already registered, we suggest you speak to your account or click on the links below for more information, as the registrations differ depending on your circumstances.

·      You are not self-employed

·      You are self-employed or a sole trader

·      You are a partner or a partnership

If you need any more advice on completing your online self-assessment tax return, then please contact us directly on This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0115 956 9452.
Are you using Xero accounting software yet?
Penalties for late submission of a tax return?

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