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Tis the Season...the Self-Assessment Season!

Tis the Season...the Self-Assessment Season!

According to HMRC, over 12,257 people completed their tax return over Christmas and Boxing Day in 2019! If you would prefer to spend your Christmas with your feet up in front of the TV, our Self-Assessment guides and tips may help reduce the time spent on your return. You may even gift yourself a tax refund as a Christmas reward. How so?

Overpaid Tax

Could you have been paying more tax than you ought to have been? Not just in the previous year, but over several previous years? Maybe you did not claim back expenses you were entitled to, or could you have been on the wrong tax code? These missed expenses can be backdated, meaning you can claim them from past tax years.

So how can we help you?

Firstly, for those of you on PAYE, we published an article detailing how to figure out if you have been on the wrong tax code. Those most at risk of this happening to are:

  • Those who changed employment
  • Those who have more than one source of income
  • Those who spend money on work related expenses
  • Those who work at home some or all of the time
  • Those who pay into a pension 

For more see our guide on 7 reasons you could have the wrong tax code

PAYE - 14 reasons why you may have overpaid

The Listentotaxman Guide to Expenses for Employees, highlights reasons why you may have overpaid tax. For example, covering the cost of washing a uniform, not reclaiming any business mileage, providing own tools and equipment, use of a home office or professional subscriptions. Again these expenses can be back dated to recoup past unclaimed expenses. See our Guide: Self-Assessment expenses for employees

DIY Self-assessment - for those who prefer not to pay accountant fees

If you like to sort out your own tax affairs, Mike Parkes, our Self-Assessment Expert, who’s also behind the award-winning Self-Assessment app, Go-Simpletax, has updated many of our Self-Assessment guides, listed below. We hope you find these helpful.

Listentotaxman Self Assessment guide

Self Assessment – expenses for the self-employed [UPDATED]

Expenses you can reclaim back as an employee [UPDATED]

The easiest way to calculate and submit your 19/20 tax return

If you’re looking for an easy way to calculate and submit your tax return, then we’re big fans of GoSimpleTax. Our team use this software for their own personal Self-Assessment return.  Anyone can use the software free for 14 days. If you find it easy to use and want to submit your return, then only at that point will you need to provide any payment details. For most people the cost is £30. Why not give it a go?

Tax free ways to spread the Christmas cheer for employees and directors

Looking for ways to celebrate Christmas with your staff and colleagues? This month we released an article detailing how gifts to employees of up to £50 can be deemed tax free, or in the case of directors and their families who are employees, £150.

We also go through the requirements for spending on Christmas parties to qualify for the Annual Party Exemption, including online events and the small staff diner. For more on this, check out our article on tax free alternatives to the staff Christmas party in the time of Covid-19

Now for upcoming deadlines!

Self Employed

30th December Online deadline for 2019/20 self-assessment tax returns for those who wish HMRC to collect tax owing (if under £3,000), through the employees 2021/22 PAYE tax code.

2020 has been one hell of a rollercoaster ride for us all. Wishing all the Listentotaxman subscribers a happy and healthy Christmas. Onwards and upwards for 2021!