A few personal tax reminders this week to point you in the right direction.  Need any more help – you know where I am!

1. It’s your responsibility to complete a tax return and advise HMRC if you need to submit one – don’t wait to be asked!
2. You need to submit your return by 31 January 2020, or the penalty is automatically £100.  The penalty is not reduced or cancelled if there is no tax due.
3. Getting yourself set up to file your return takes time.  HMRC send out passwords in the post, and their postal system is worse than their phone system – so don’t leave it too late!
4. If you want any tax owed to be collected via an adjustment to your tax code then you need to submit by 30 December 2019.
5. If either you or your partner has adjusted income over £50,000, and you have been claiming Child Benefit in the year, then you need to pay this back at least in part.  You do this on your tax return, so you need to provide the details
6. If you are self employed, class 2 NIC is paid via self assessment so this will be appearing on your statement as an amount due.  If your earnings are low, then the Small Earnings exemption is now automatically applied.
7. Married couples and civil partners may be eligible for the Marriage Allowance which enables transfer of an element of the personal allowance between spouses (see previous blog.) This is widely underclaimed so check if it applies!
8. If you are a higher rate tax payer and have made charitable donations in the year, then don’t forget to add this to your return as you will get tax relief on your donation.
9. If you jointly own rental property, then this income is automatically split 50/50, unless you have declared otherwise to HMRC.  It’s not a matter of choice as to which of you declare it!
10. Tax isn’t meant to be taxing – but it is!  Just let someone else do and get your life back!  Contact Rosie Forsyth at Wilkins & Co