The deadline to submit your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016.
Tax returns must account for all income received during each tax year running from 6 April to 5 April.
The form to complete is SA100. This should include:
- income from self-employment
- employment income
- income and expenses from rental property
- gains/losses made from selling assets.
There are additional sections for different types of income:
- employees or company directors (SA102)
- self-employment (SA103S or SA103F)
- business partnerships (SA104S or SA104F)
- UK property income (SA105)
- foreign gains or income (SA106)
- capital gains (SA108).
If you’re filing your return as a non-resident company, partnership, trustee or registered pension scheme you will also need to fill out additional forms.
The transition to digital
The government’s Making Tax Digital plans will see most businesses, self-employed people and landlords fully managing their tax affairs digitally by 2020.
Businesses will be required to submit quarterly updates of summary data using accounting software.
The following will also apply:
- unincorporated businesses and landlords with an annual turnover of less than £10,000 will be exempt from the quarterly updates
- the current threshold (£83,000) for cash basis accounting will be raised.
The consultation closes on 7 November 2016 and final details will be announced after this.
We can help you with any aspect of self-assessment.