Self Assessments – Why do I need to do one?
Self Assessment is a system HM Revenue and Customs uses to collect Income Tax.
While tax is usually deducted automatically from wages, pensions and savings; other income must be reported in a tax return once a year.
Not sure what counts as other income or what you could deduct? Just let us know and we can help clarify for your particular situation.
Tax returns cover the last tax year from the 6th of April to the 5th of April and are always due for both submission and payment by the 31st of January the following year.
If you did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.
You need to keep records, for example bank statements or receipts, in order to prepare your tax return accurately.
If MATCH handles your Self Assessment Tax Return we’ll be in touch shortly to get the ball rolling.
HMRC Warns of Self Assessment Tricksters
HMRC warns customers to be on their guard as fraudsters use Self Assessment to try and steal money or personal information from unsuspecting individuals.
Never let yourself be rushed. If someone contacts you saying they’re from HMRC, wanting you to urgently transfer money or give personal information, be on your guard.
HMRC will never call you threatening arrest.
Scams come in many forms. Some threaten immediate arrest for tax evasion, others offer a tax rebate. Contacts like these should set alarm bells ringing, so if you are in any doubt whether the email, phone call or text is genuine, you can check the ‘HMRC scams’ advice on GOV.UK and find out how to report them to us.”
Criminals use emails, phone calls and text messages to try and dupe individuals, and often mimic government messages to make them appear authentic.
Double check websites and online forms before using them to complete your tax return. People can be taken in by misleading websites designed to make them pay for help in submitting tax returns or charging to connect them to HMRC phone lines.
If in any doubt you can also contact us here at MATCH and we can put your mind at ease or handle the whole process for you.
MATCH is working hard to keep on top of all the latest news and government support so, as always, feel free to get in touch if you have any queries and we’ll be happy to help.
MATCH Accounting Limited