Now that we’ve all enjoyed our summer breaks and the days start to become a little shorter, we find ourselves heading into the busier tax season again, so why not get organised with your 2018/19 tax affairs.

If you have self-employed income, rental income or are a director of a company you should be completing a tax return. There are other situations that will give rise to a tax return being needed, but these are the main reasons. If you’ve received any such income between 6th April 2018 and 5th April 2019 then it’s time to get organised. The ultimate deadline for submitting your 2018/19 tax return is 31st January 2020, which is also the date any residual tax, if you have any, should be paid. If your tax liability is £3,000 or less, you can opt to have this collected through your tax code (so through your salary or pension) but the deadline for submission then becomes 30th December 2019.

Generally, if your tax liability is greater than £1,000 then you will also need to make payments on account towards your potential 2019/20 liability in January and July 2020 too, each one being 50% of your 2018/19 liability . For example, if your tax liability for 2018/19 is £1,500 and you’ve paid nothing previously, then the payment due on 31st January 2020 will be £2,250 and then a further £750 by 31st July 2020. This being the case, by this time next year you’ve already then paid £1,500 towards your 2019/20 liability, which is then taken into account when working out the amount due by 31st January 2021.

If you’re not sure if you should be preparing a tax return or need help with yours, feel free to call: 01752 895648