Tax returns - File your HMRC Tax Return Online

Tax return paperworkWhat documents do I need to file my tax return?

The documents you need to file a Self Assessment tax return will vary according to your circumstances. Here are some of the most important things to keep on hand when you're doing the paperwork. Remember that not all of them may apply to you, particularly if you haven't done any "on the books" work for an employer during the tax year:

• Form P45, if you stopped working for an employer during the tax year.
• Form P60, showing what tax you've paid.
• Form P11D, if you get any "benefits in kind" like a company car.
• Records of any Taxed Award Schemes or redundancy payments.
• Details of any rental income or expenses, or other untaxed earnings.
• Any savings and investment statements you’ve got.
• Full details of all your income and necessary expenses from self-employment, plus any paperwork you have to back them up.

If you're new to self-employment, you'll also need to register for the Self Assessment system. For that, you'll need:

• Some personal information (name, address, date of birth, contact details)
• Your National Insurance number.
• The date you became self-employed.
• The type/nature of your business.
• Your business address and telephone number.

Online tax returnsCan I see my tax return online?

Once you've filed your tax return online you can see it, along with your returns from previous tax years, by logging into your Government Gateway account. If you need to make changes to a tax return, you can do that there, too. However, there's a time limit for amendments. If you haven't made the changes you need to after 12 months from the filing deadline (31st of January), then you've left it too late.

Things get a little more complicated if you file your Self Assessment tax returns on paper. In that case, you'll need to download a new tax return document from the government website and correct the information in that. Since the deadline for paper tax returns is different, your deadline for amendments is different, too. In this case, you get a limit of 12 months after the paper deadline of the 31st of October.

Tax refunds and tax returnsWhat's the difference between a tax rebate and a tax return?

A tax rebate is the money HMRC gives you back when you've paid too much tax for any reason. Tax returns, by contrast, are one of the tools you use to claim that refund. If you're paying out over £2,500 in work expenses each year, for example, the taxman will ask for a tax return from you before he pays out on your refund claim.

When you’re self-employed or working through CIS (the Construction Industry Scheme), you'll use a Self Assessment tax return to report the cash coming in and going out. It's still easy to end up paying too much tax through Self Assessment, though, so getting expert help is always a smart move.

Current tax yearWhat is the current tax year in the UK?

UK Tax years run from the 6th of April to the 5th of April the following calendar year. For example, the tax year covering 2023/24 ended on the 5th April 2024. This means your tax rebate for that year could cover expenses from as far back as 2021/22.

As for why the tax year is worked out from such odd dates - well, it's complicated. The short answer is that Pope Gregory XIII messed everything up and September 1752 was missing 11 days. After that, things get tricky...

Tax Return FeesWhat do accountants charge for Self Assessment tax returns?

It all depends on the accountant. You might be offered a fixed fee for a basic tax return service, or get stung with an expensive hourly rate. Either way, the charges made by traditional accountants can vary widely. Your circumstances can make a major difference, too. For example, a CIS subcontractor might be charged £250 as a fixed fee. However, the same accountant might charge £350 for a Sole Trader with full accounts to go through. A partnership might easily be charged £400 or more for the same service, while Limited Companies could find themselves billed £650 or even more. When you get into clocking up hourly rates, tax return accountant fees as high as £120 per hour aren't unusual.

RIFT is different. We’ve got a tax return service with no hourly rates to and no hidden charges to spring on you. Our price start from £114 (including VAT) but get in touch for a quote.

How to submit a VAT return

Since 2019, the Making Tax Digital rules for VAT have meant that basically everyone has to submit VAT returns online, using what HMRC calls 'functional compatible software'. The way you do this will vary with the software you're using, but the basic information you'll need will include:

• The VAT scheme you're on: For example, if you're a small business you might be using the Flat Rate Scheme to keep things simple.
• Your VAT records: These include the VAT you've paid when buying things for your business (input VAT) and the VAT you're charged on your sales (output VAT).
• Your total sales: HMRC will need this information to check your VAT return.

The software you use should handle the actual process of submitting your VAT return online.

Penalties for missing a VAT return deadline

If you miss the deadline for submitting a VAT return or paying up any VAT you may owe, you can expect to get a 'VAT notice of assessment of tax' from HMRC. You'll also start racking up 'penalty points' even if you don't actually owe any VAT. Once you hit a set number of penalty points determined by your accounting period, HMRC will give you a £200 penalty. Every late submission after that will cost you another £200. You can check how many points you've built up in your online account.

You can check when your VAT returns are due, and keep track of a lot of other important details, with your VAT online account.