It is that time of the year again when the rush for last minute tax returns begins. At Murrells, we work with our clients to try and give them as much advance notice and planning time for the tax return bill – completing each return at the earliest opportunity.
However we understand that might not be the same for everyone and sometimes last minute requests are beyond your control. Either way we have the capacity to help and ensure you beat the 31st January deadline.
Do I need to submit a tax return?
You need to submit a personal tax return if you are:
- Self-employed as a Sole Trader and earned more than £1,000 (before taking off anything you can claim tax relief on).
- A partner in a business Partnership.
- A director of a Limited Company and paid some monies by dividends.
- Renting out a property.
- Receiving some of your wages from tips and/or commission (dependent on how these are paid).
- Receiving income from savings, investments and dividends (dependent on value).
- Receiving foreign income.
What information do I need for my tax return?
Whilst every tax return is unique, to be able to submit we will often need the same information from everyone. This includes:
- UTR (Unique Tax Reference)
- Personal Information such as Name, Address, Date of Birth and National Insurance Number
- Income and Expenditure between 6 April 2019 to 5 April 2020.
- Any additional income, the most popular being;
- Rental Income
- Student Loans
- Share or Capital Gains
- Alternative Income
What is the process for Murrells completing my tax return?
In just a few easy steps, we can submit your tax return in a matter of days.
- You send us your information (stated above);
- We check your documentation against our standards before completing a draft tax return
- We send this back for checking and include any queries (such as possible tax relief or claims you may be entitled to)
- You approve
- We submit
Whilst every personal tax return is different, after completing thousands each year we follow some key steps to ensure the process is as easy as possible and thus we can often turn them around much quicker than other local accountants.
Personal Tax Return Key Information
- Deadline of 31st January 2021 for completed tax return and payment.
- For the tax year 6 April 2019 to 5 April 2020.
- 31 July 2021 for any future payments ‘on account’.