My first Publication Mojatu Nottingham Magazine M030 | Page 32

32 Business & Finance
ACCOUNTANCY AND FINANCE:
With Christmas fast approaching, this is another indication that the
deadline for submitting the Tax return for the period ending 5 th April
2018 is also fast approaching. You need to ensure you have submitted
your tax return by midnight 31 st January 2019 and also for those who
wish to do any amendment for 2016-2017 tax return this need to be
done before 31 st January 2019.
So what do I require to submit a tax return?
The paperwork you may need
• Employment income (and pension income)
• Your P60 form – for employment held at 5th April in the tax year
• Your P45 form – for any jobs you left during the tax year
• Social Security Benefits – A letter from the DWP which shows the
amount of your state pension or other taxable benefits. If you
receive job seekers allowance there should be the form P60U
• Self Employment Income – A summary of your business income and
expenses for the tax year.
• Capital Gains – Contract notes for the sale and purchase of any
assets for e.g. shares or antiques.
• Savings Income – A summary of interest received from your
statements or passbook
• Rental Income – A summary of your rental income and expenses,
bills for expenses and bank statements, and any letting agreements
• Other income you will need to include on your tax return includes
dividend paid during the year.
It should be noted that you should keep your records for future
reference. You need to keep your records for at least 6 years from filing
date; this includes self-employed, partnership or Ltd companies.
What other factors do I need to consider during this time of the year?
As 2018 comes to an end, most people will be winding down ready for the
Christmas break but we always think this is the best time to prepare for the
New Year, here are a few tips on how to prepare for the coming year:
Review your business plan – this is always a good starting point for
all businesses, whether you are just starting or have been trading for
years, it’s always a good idea to review your plans for the future as your
business grows
Reward your employees
At this time of the year, most businesses have different ways of
rewarding their workers or holding parties. While doing this, bear in
mind the tax implications and know what you can and can’t claim.
As a summary, you are allowed to spend up to £150.00 per head on
social events for employees, this need to be offered to all employees.
Remember you can hold multiple events as long as the events don’t
cost more than £150.00 per head this is exempt
Move to the cloud
Cloud-based accounting programs will save you time and are simple to
mojatu .com
use, giving you more time to focus on what you
love over this festive period. They allow you to
work from anywhere and have secure, powerful
encryption and remote backups so there is
significantly less chance of information being
lost or stolen.
Avoid the tax return rush this January
With the deadline for submitting your tax
return being midnight on 31st January, it’s best
to submit it within plenty of time to avoid any
fines and mistakes. This will help you avoid any
end of year stress and avoid the £100 fine for
missing the deadline.
If you require assistance with self-assessment
please don’t hesitate to contact us today
on 0115 82440555 or email info@wkm-
accountancy.co.uk
For more information about anything related
to taxes or accountancy visit www.wkm-
accountancy.co.uk for your local accountancy
services.