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    Tag: Tax Return

    Self Assessment – 100 days to go until tax deadline

    Posted on by Georgia Flatley

    With 100 days to go until the deadline for online returns (31 January 2026) there’s no time like the present to complete your tax return.

    Sending your return early comes with the benefit of knowing what you owe so you can budget to make the payment by 31‌ January 2026, and if you need to look at the range of payment options available, filing early allows you to enter a payment plan in good time. Any repayments which may be due can also be claimed early.

    UNSURE IF YOU NEED TO FILE A SELF ASSESSMENT TAX RETURN?

    You must file a self-assessment return if, in the last tax year, you were:

    • 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
    • you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
    • you had to pay the High Income Child Benefit Charge and do not pay it through PAYE

    You may also need to send a tax return if you have any untaxed income, such as:

    • money from renting out a property
    • tips and commission
    • income from savings, investments, and dividends
    • foreign income

    If you are still unsure if you need to file a return, you can use the HM Revenue and Customs check service by clicking here.

    GET IN TOUCH

    For further advice or help with completing your 2024/25 self-assessment tax return, please get in touch with a member of the tax team by emailing enquiries@pmm.co.uk.

    Five tips to get ahead with your 2024/25 Self Assessment tax return

    Posted on by Rebecca Campbell

    The deadline for filing your 2024/25 Self Assessment tax return may feel far away, but starting early can save you time, stress, and potentially money. At PM+M, we know from experience that a proactive approach makes the process much smoother and more efficient.

    Here are our five top tips to help you get ahead:

    1. Know your key deadlines

    The 2024/25 tax year runs from 6 April 2024 to 5 April 2025. For this period, the following dates apply:

    • 5 October 2025 – Register with HMRC if this is your first return
    • 31 October 2025 – Deadline for paper tax returns
    • 30 December 2025 – Deadline for online filing if you want HMRC to collect any tax you owe (under £3,000) automatically through your tax code for the 2026–2027 tax year. You must already be paying tax through PAYE
    • 31 January 2026 – Deadline for online tax returns and payment of any tax due

    Mark these dates in your diary early to avoid late filing penalties and interest charges.

    1. Get organised early

    Don’t wait until January to gather your paperwork. HMRC requires details of your income, pensions, dividends, rental income, expenses, and any other earnings for the year ending 5 April 2025. Keeping everything together, whether digitally or in a dedicated folder, will make completing your return quicker and easier.

    Make sure you keep track of:

    • Income records: Payslips, self-employment accounts, dividends, and ‘side hustle’ earnings
    • Expenses: Office supplies, mileage, and other allowable deductions
    • Financial records: Bank interest, pensions, investment statements, and charitable donations
    1. Track your expenses as you go

    If you’re self-employed or receive rental income, recording expenses in real time prevents the January scramble through old bank statements. Tools such as accounting apps, spreadsheets, or cloud-based software can help you stay organised – and ensure you don’t miss out on valuable deductions.

    1. Make the most of allowances and reliefs

    Understanding the reliefs and allowances available to you can reduce your tax bill. For example:

    • Pension contributions
    • Gift Aid donations
    • The personal savings allowance
    • Business-related costs such as office and travel expenses, professional fees, and subscriptions
    • Landlord expenses including maintenance and letting agent fees

    Taking advantage of these can significantly cut the amount of tax you pay.

    1. Plan for payments on account

    If your tax bill is over £1,000, HMRC may ask you to make “payments on account” towards the following year. These fall due on 31 January 2026 and 31 July 2026. Factoring this into your cash flow early will help you budget effectively and avoid unwelcome surprises.

    Start early, stress less

    The earlier you begin preparing your Self Assessment, the more time you’ll have to understand your position, make use of available reliefs, and spread the cost of any payments due. By starting now, you’ll avoid last-minute pressure and gain greater control over your tax planning.

    At PM+M, we’re here to support you throughout the process and beyond. If you’d like to discuss your 2024/25 Self Assessment or wider tax planning, please get in touch with our team by emailing enquiries@pmm.co.uk.

    600,000 people miss Self Assessment tax return deadline

    Posted on by Rebecca Campbell

    According to HMRC, 600,000 taxpayers missed the submission deadline for 2021/22 income tax Self Assessment on 31 January.

    If you are one those who is yet to submit their tax return, don’t delay! We recommend submitting your income tax Self Assessment as soon as possible. Although you will still incur the initial £100 fixed penalty, if you delay until the end of February, an automatic 5% penalty will be applied after 30 days (effectively by midnight on 2 March 2023) on any outstanding tax which remains unpaid. Additional 5% penalties can be applied on any tax which is still owed after 6 months and again after 12 months.

    Latest statistics from HMRC show that in the period from April 2022 to December 2022, penalty revenues of £529 million were raised across all taxes and duties. A 27% increase from the same period a year prior, and a 72% increase in penalty revenues from the same period two years previous.

    The ongoing cost of living crisis and rising interest rates to tackle inflation mean that HMRC may see penalty revenues grow even further over the coming months, with late payment interest due to rise from 6% to 6.5% on 21 February 2023.

    If you are unable to pay your tax bill, engaging with HMRC and a trusted tax adviser as early as possible is beneficial and offers the best chance of mitigating financial penalties.  There are options available for taxpayers to explore including ‘time to pay’ arrangements to avoid accruing additional penalties, however, late payment interest will still be charged.

    Get in touch

    If you haven’t submitted your tax return for 2021/22, and need help or advice to avoid incurring further penalties, please speak to your usual PM+M adviser or get in touch by emailing enquiries@pmm.co.uk.

    5.7 million people still to file their tax return – have you filed yours?

    Posted on by Rebecca Campbell

    HMRC have recently reported that of 12 million taxpayers who have to file a tax return for the 2021/22 tax year, just under half still need to do so before the 31 January deadline.

    Now the festive period is over, and we begin a new year – time is running out to meet the deadline, as unlike previous years, HMRC is not likely to waive late-filing penalties, and the late payment interest is set to rise too.

    Your annual Self Assessment tax return can seem daunting, especially if it is your first one, however, by reading our basic tips and pointers below to help you prepare the return and avoid mistakes, it can be a simple process.

    WHAT IS SELF ASSESSMENT?

    Self Assessment is the process of informing HMRC about your taxable income and gains for a tax year by completing a tax return. Tax is usually deducted automatically from wages, pensions, and some savings income, however, people and businesses with other income (including pension payments, property letting and Capital Gains Tax on the sale of assets like shares or a second home) must complete a Self Assessment tax return.

    DO I NEED TO COMPLETE A SELF ASSESSMENT TAX RETURN?

    You must submit a tax return if, in the last tax year (6 April 2021 to 5 April 2022), you were:

    • Self employed as a ‘sole trader’ and earned more than £1,000 (before deducting anything on which you can claim tax relief)
    • A partner in a business partnership
    • You earned £100,000 or more

    Usually, you will not need to submit a return if your only income is from your wages or pension. However, you may need to complete one if you have other untaxed income such as:

    • Some COVID-19 grant or support payments
    • Property rental income
    • Tips and commission
    • Income from savings, investments and dividends
    • Foreign income

    If you are still not sure, click here to visit the Gov.uk website and answer a few questions to check if you need to submit a Self Assessment tax return.

    SELF ASSESSMENT TAX RETURN DEADLINES

    • Paper tax returns should have been submitted by midnight 31 October 2022
    • Online tax returns are due by midnight 31 January 2022
    • Pay the tax you owe by midnight 31 January 2022

    WHAT INFORMATION DO I NEED TO COMPLETE MY TAX RETURN?

    • Ten-digit Unique Taxpayer Reference (UTR) – this will have been sent to you when you registered for Self Assessment  – if you haven’t got one, you need to register ASAP online by clicking here
    • National insurance number
    • Details of self-employment income and expenses
    • Details of property income and expenses
    • Employment and pensions income information, including forms P60, P11D and P45 from any jobs you have had
    • Interest certificates from banks/building societies
    • Details of pension and/or charity Gift Aid contributions which may be eligible for tax relief
    • Details of dividends and other income
    • Details of any chargeable capital gains made in the year

    HMRC will calculate what you owe in tax based on the information which you report – remember, you must pay your bill by 31 January 2022.

    GET IN TOUCH

    Hopefully you are already on with or have completed your tax return for 2021/22.  If you haven’t, or if you aren’t sure whether you need to submit a tax return, get in touch straight away to avoid missing the deadline and incurring penalties.  Please speak to you usual PM+M adviser or get in touch by emailing enquiries@pmm.co.uk.

     

    Self-assessment: less than 100 days to go until tax deadline

    Posted on by Rebecca Campbell

    With less than 100 days to go until the deadline for online returns (31 January 2023), and 5 days until the deadline for paper returns (31 October 2022), there’s no time like the present to complete your tax return.

    Sending your return early comes with the benefit of knowing what you owe so you can budget to make the payment by 31‌ January 2023, and if you need to look at the range of payment options available, filing early allows you to enter a payment plan in good time. Any repayments which may be due can also be claimed early.

    Unsure if you need to file a self-assessment tax return?

    You must file a self-assessment return if, in the last tax year, you were:

    • 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

    You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

    If you are still unsure if you need to file a return, you can use the HM Revenue and customs check service by clicking here.

    Get in touch

    For further advice or help with completing your 2021/22 self-assessment tax return, please contact Julie Walsh by using the button below.

    Have you completed your Self Assessment tax return?

    Posted on by Rebecca Campbell

    With the festive period behind us, and as we begin a new year, it means only one thing – the 31 January personal tax return deadline is rapidly approaching.

    Your annual Self Assessment tax return can seem daunting, especially if it is your first one, however, by reading our basic tips and pointers below to help you prepare the return and avoid mistakes, it can be a simple process.

    What is Self Assessment?

    Self Assessment is the process of informing HMRC about your taxable income and gains for a tax year by completing a tax return. Tax is usually deducted automatically from wages, pensions, and some savings income, however, people and businesses with other income (including Covid-19 grants and support payments) must complete a Self Assessment tax return.

    Do I need to complete a Self Assessment tax return?

    You must submit a tax return if, in the last tax year (6 April 2020 to 5 April 2021), you were:

    • Self employed as a ‘sole trader’ and earned more than £1,000 (before deducting anything on which you can claim tax relief)
    • A partner in a business partnership

    Usually, you will not need to submit a return if your only income is from your wages or pension. However, you may need to complete one if you have other untaxed income such as:

    • Some COVID-19 grant or support payments
    • Property rental income
    • Tips and commission
    • Income from savings, investments and dividends
    • Foreign income

    If you are still not sure, click here to visit the Gov.uk website and answer a few questions to check if you need to submit a Self Assessment tax return.

    Self Assessment tax return deadlines

    • Paper tax returns should have been submitted by midnight 31 October 2021
    • Online tax returns are due by midnight 31 January 2022
    • Pay the tax you owe by midnight 31 January 2022

    What information do I need to complete my tax return?

    • Ten-digit Unique Taxpayer Reference (UTR) – this will have been sent to you when you registered for Self Assessment or when you set up a limited company
    • National insurance number
    • Details of self-employment income and expenses
    • Details of property income and expenses
    • Employment and pensions income information, including forms P60, P11D and P45 from any jobs you have had
    • Interest certificates from banks/building societies
    • Details of pension and/or charity contributions which may be eligible for tax relief
    • Details of dividends and other income
    • Details of any chargeable capital gains made in the year

    HMRC will calculate what you owe in tax based on the information which you report – remember, you must pay your bill by 31 January 2022.

    Get in touch

    Hopefully you are already on with or have completed your tax return for 2020/21.  If you haven’t, or if you aren’t sure whether you need to submit a tax return, get in touch straight away to avoid missing the deadline and incurring penalties.  Please speak to you usual PM+M adviser or get in touch by emailing enquiries@pmm.co.uk.