Self Assessment Tax Return
The self assessment tax return is a tax need to be filed by the people who are self-employed and do not pay their tax through PAYE. If you work under some company the tax is automatically been deducted from your pay.
As HMRC stated that, more than 89% has completed their self assessment return through
HMRC’s Online Service, and in couple of years, the process for filing the SA100 will be done completely through online services only.
Self Employed Tax Return: –
If you are self employed, you need to pay tax return according to the guidelines given by the UK Gov. Her Majesty’s Revenue & Custom. It will be easy for you to file a return if you are keeping your documents with you.
Partner Tax Return: –
You need to pay partner tax return if you are a partner within a partnership, under which you have to pay personal tax as well as tax return from your business. You will need 10-digit number i.e., Unique Taxpayer Reference (UTR) to register yourself under partner tax return.
If you are director of some company, you need to submit your Self Assessment Tax Return if the return has been issued and you need to pay income tax and national insurance contribution on all taxable incomes above their Personal tax-free allowance of £ 11,000.
Who needs to pay Tax Return: –
- If you were self-employed
- If you are getting income more than £2,500 by renting your property If you earn profit from shares, other properties, by dividends
- If you live abroad and are employed in United Kingdom If you have pension outside the UK
- If your income was over £100,000
- If you were a trustee of a trust or registered pension scheme
- If you didn’t pay enough tax last year and notified by HMRC’s and you didn’t pay what you owe through your tax code or with a voluntary payment
Registering for Self Assessment
- If you had not pay Tax return last year, then you need to first register yourself
- If you are self-employed: – you need to register yourself under Class 2 National Insurance and self assessment quickly after starting your business.
- If you are not a self-employed: – you need to register yourself if you have to return the tax but you did not payed last year.
- If you are partner or partnership: – you need to register yourself by using partnership 10-digit Unique Taxpayer Reference (UTR). All the partners in the partnership need to register themselves for self assessment.
Last date to pay Self Assessment: –
Last date to register yourself under HMRC tax return for 2017 are: –
- 5 October, 2017 if you are self-employed
- For paper tax return, it is Midnight 31 October, 2017
- For online tax return and tax you owe is midnight 31 Jan, 2018
For other guidelines you can check it from GOV UK
Penalties if you missed the deadlines for SA100: –
If you are unable to pay tax return by the last date then you have to pay
- £100 to HMRC, immediate fine after the last due date
- If you have crossed the three months, it will be £10 per day that can extended upto £900, the more you delay, the more you will pay
- After 6-12 months, you have to pay additional £300 fine or 5% of tax bill on your previous fine
Requirement to file Self Assessment Tax Return: –
- your 10 digit unique taxpayer reference number (UTR) your national insurance number (NINU)
- any reference of your employer if you have your full name and your address
- Address of the office where to pay the or send the return
- Should have accurate and readable record of your payrolls , business and outgoings.
Software for Self Assessment Tax Return: –
If you are looking for an easy way to pay your tax return and on time without any delay, fines and within few minutes, Nomisma Solution software is best suited for you. With quick setup you can easily access the user friendly interface for registering and filing your Tax Return. It is licensed based accountancy solution software for accountants that permit access to enjoy various features like easy tax calculation, penalty calculation; maintain data like client’s business cash inflows-outflows that you can keep with you as long as you want and with many more features.
Nomisma Solution is designed specifically for accountant by maintaining transparency between each and every client’s data that will help you to maintain different account for different client by using same application. Easy access to all forms for filing tax returns will help you to prepare return within few minutes’.
How is it useful for you and your client: –
All you have to do is to maintain the record of the client in their respective accounts by simply uploads the client’s income and expenditure database or you can also import the data from other sources with few clicks and it will automatically calculate and generate the report which includes the payable tax return to HMRC.
Features included: –
User friendly interface Affordable price
- 2 days free trial of the software
- Complete documentation in different languages English, Welsh and Cornish. Easily and readily adaptable
- Large storage capacity and can be extend according to your requirement with very less charges.
- Notify before due date of each client
- Automatically send email to client as well accountant about pending tax return
- Data of each client can be easily view and retrieved Supports decision support system
- Protected software with password
- Flexible end to end accountant solution
- Easily pay by using your credit or debit card quickly generate the user report
- Easily synchronized with HMRC’s data
Different types of form available are: –
- Unlimited Individual Tax Returns (SA100)
- Partnership Tax Returns (SA800)
- Trust Tax Returns (SA900) with online filing as standard Automatic link between Partnership (SA800)
- Partners’ returns (SA100 and SA900).
- Foreign (SA106) Trusts (SA106)
- Capital Gains Tax (SA108)
How to work on Self assessment tax return software for accountant
- Works on Microsoft Windows 8, 8.1 & 10(32bit and 64bit) and Macintosh
- Run the ‘abc’ file on your system, provide the path and accept the term and conditions Enter the given licensed key and set the password to your account
- You can easily import the data of your clients
- Easy to make different accounts for different clients
- 24×7 availability to contact with our specialist for any query and guidance Easily download the file in pdf format
- Easy to switch your language according to you requirement
- Handle up to 10 accounts simultaneously (can be extended on demand)
- Different packages are available that you can install by simply from install packages file.
Note : Original content is live at : https://contractor-accountants.blogspot.in/2017/04/self-assessment-tax-return-software-for.html