Don’t Leave Yourself With A Financial Hangover This New Year

As the saying goes; Remember, Remember the 5th of November, well, at KP Simpson, it’s more like; Reminder, Reminder the end of January...Well the 31st to be precise, as this is the very latest date that your self-assessment tax deadline is due!

Whether you’re an Ever-Organised Elsie or a Leave-it-to-the-lastminute-Larry, the tax man doesn’t pull any punches, and if you’re late, you will be fined!

At KP Simpson, we give the best advice to ensure you’re starting on the right foot in 2020 by being prepared.

Unsure as to whether or not you need to send in a self-assessment tax return? Well, let me clarify. You MUST send a tax return if, in the last tax year, you were

A) self-employed as a soletrader and earned more than £1000 or

B) If you’re 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 in, if you have any other un-taxed income, such as:

1) Rent from a property you own,

2) Tips and/or commission,

3) Income from savings, dividends or investments or

4) Foreign income. If you’re still unsure, there is a lot of information on the HMRC website, www.gov.uk/self-assessment-taxreturns/who-must-send-a-tax-return. Alternatively, if you’d like to give us a call at KP Simpson and we’d be happy to help keep you on the right track. If you do qualify, but don’t want to complete it yourself, then, we can help with that too, and do it all for you.