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What Does it Take to File Your Tax Returns?
For accountants like us, certain times of the year cause our thoughts to turn in certain directions, and March will always make us think of taxes, National Insurance contributions from payroll, and other final deadlines. With that on our minds, we decided to take a look at tax advice for Morecambe and Lancaster residents and businesses.
Providing Independent Financial Advice In Lancashire
Can I File My Own Tax Returns?
The short answer is yes, you can do tax returns for yourself or for a business you represent. But like many short answers, there’s a lot more to it than that.
Take a look at this timeline of tax dates in 2025 prepared by the Institute of Chartered Accountants in England and Wales (ICAEW). Notice that there are two columns, one tracking deadlines, and the other tracking changes to the tax system.
The tax system is constantly changing and being updated, and there are many special cases that affect only certain businesses or individuals. Filling out tax returns without fully understanding the system is a risky business; you may end up overpaying (which can make your finances challenging in the year to come) or underpaying (which can lead to significantly worse consequences along the line).
We have to recommend that tax returns are only prepared by someone with deep familiarity with the system. This is partly to ensure that tax obligations are correctly noted and tax efficiencies you qualify for are found. But there’s another reason too.
Why Would I Need to File a Self-Assessment Tax Return?
Typically, you will need to file a self-assessment tax return if you are one or more of the following:
- Directors (charities and nonprofits excluded)
- Construction Industry Scheme (CIS) Contractors
- Investors
- Landlords
- Sole Traders
- Expats
- High Earners (£100,000+ income annually)
Providing Independent Financial Advice In Lancashire
How Long Does It Take to File Tax Returns?
Obviously there are a lot of factors that can affect this. The top three are:
- The complexity of your business
- The accuracy of your day-to-day bookkeeping
- How familiar the filer is with tax legislation and industry regulations
There are countless other factors. If you’re self-employed and haven’t submitted a tax return before, there’s even a short delay after you register for your Government Gateway password, where you’ll be waiting for your Universal Taxpayer Reference (UTR) number to be sent out.
For the time being, let’s assume your books are up to date and you have some interruption-free time blocked out in your calendar. If you know what you’re doing and can take a minimum amount of time to check legislation, it will probably take two working days to prepare your returns.
We still recommend getting started further ahead of deadline, of course.
How Do I Complete a Tax Return for my Company?
If you pay corporation tax, your Corporation Tax Return must be filed online with HMRC. This filing includes the Ct600 Company Tax Return form as well as the business’ statutory accounts and Corporation Tax calculations.
You will also need to file your accounts with Companies House. The HMRC website has an option to file jointly, making this the most effective way to handle it.
How Do I Complete a Self-Assessment Tax Return?
Self-Assessment tax returns come earlier in the year – the deadline for online filing and payment of taxes is usually around the end of January – but the process is similar.
You’ll need a P60 (if you also receive income through employment elsewhere, showing your taxed income) as well as records of all untaxed income (including dividends and interest) and your records of expenses. These should include expenses related to self-employment as well as charitable or pension contributions which can qualify for tax relief.
To identify yourself, you’ll also need your UTR and National Insurance numbers.
Providing Independent Financial Advice In Lancashire
Are There Any Other Issues with Filing Your Own Tax Return?
Not really. If you have the experience, familiarity with the tax system, and time to file your own tax return, it’s definitely possible. We do have some clients who’ve admitted that when they filed their own returns it was an extra source of stress, while knowing a professional is taking care of it gives them peace of mind.
If you’d like to discuss how we can help you, in or out of tax season, why not get in touch?
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Contact TRW Accountants
Address:
TRW Accountants
95 King Street
Lancaster, LA1 1RH
Contact Details:
Tel: 01524 64187
Fax: 01524 60029
Email: office@tr-w.co.uk
Registered in England and Wales. Registered office – as above. Company registration 03851905
