TaxAid. Your Personal Tax Account Filing Your Tax Return

Transcription

1 TaxAid Yur Persnal Tax Accunt Filing Yur Tax Return

2 The Persnal Tax Accunt (PTA) Yur persnal tax accunt allws yu t manage yur tax affairs with HMRC nline. It can be used fr a number f purpses including: Checking yur tax cde; Renewing yur tax credits and checking payments; Claiming a refund if yu ve paid t much tax; Reviewing yur Natinal Insurance recrd r expected State Pensin; Filing yur tax return. If yu wuld like t knw mre abut yur Persnal Tax Accunt, please see ur guide: Accessing yur Persnal Tax Accunt: step by step instructins and HMRC s interactive nline guide at The purpse f this guide is t assist yu in filing yur tax return thrugh yur PTA. This guide assumes that yu have already registered t use the PTA and are already familiar with accessing it. The entries t be made n a tax return will vary frm case t case depending n yur surces f incme and ther circumstances. T avid becming unwieldy, this guide cnfines itself t a situatin where yu have the fllwing surces f incme: Self-emplyment; Emplyment; State pensin; Private pensin; Interest incme; Dividend incme. The guide is intended t assist with the nline filing prcedure as ppsed t the tax technical aspects. Hwever, belw there are links t HMRC s website in respect f tax technical material e.g. the rules regarding the taxatin f interest incme. As yu prgress thrugh the tax return, yu will see the infrmatin symbl. Clicking n this will als prvide infrmatin regarding tax technical issues. Belw there is als a link t HMRC s nline filing helpdesk number. Befre yu start, yu shuld ensure yu have t hand yur lg in details and yur mbile phne (HMRC may need t send an access cde t yur phne). Yu shuld als have t hand the infrmatin that yu wish t enter nt the tax return. Fr example: P60 r P45; Figures fr self-emplyment incme and expenses; Interest incme. Yu will prceed thrugh the fllwing stages befre yu reach the ptin t file yur tax return: Persnal tax accunt: sign in r set up; Prve yur identity t cntinue; Sign in with User ID and passwrd; Enter yur access cde; Set security backup. 1

3 Please nte that yu can still prceed even if yu chse nt t set security backup. Once yu have cmpleted thse steps, yu shuld then arrive at the first screen shwn in this guide. Links t technical material: Taxatin f self-emplyment Taxatin f pensin incme Taxatin f interest incme Taxatin f dividends Capital Allwances Link t HMRC s helpline fr assistance with nline services (Tel: ) Date prepared: May

4 This guide shws yu the screens yu will see and prvides yu with an explanatin f what yu need t d at each screen. On the first screen -Click: Cmplete yur tax return Yu will then see the fllwing reminder regarding infrmatin yu shuld have t hand befre prceeding further. Yu can keep track f prgress by lking at the menu n the left and the indicatr at the tp right Yu can als amend the Tell us abut yu sectin if yu need t d s. 3

5 The next page allws yu t tailr yur return. This is a crucial step as it allws yu t select the type f incme yu wish t reprt t HMRC. The details f that incme will be entered later in the prcess. In this example, we have cnfirmed the fllwing surces f incme: interest, dividends and pensin. The pensin ptin cvers bth state and private pensin incme. 4

6 Leave the ptins that are nt applicable in yur situatin as N. Yu will see a further reminder f the infrmatin yu shuld have t hand befre prgressing. 5

7 Cmpleting yur tax return fr Emplyment Incme. Yu shuld use yur P60 r P45 t cmplete this page. Yu will need t include the Emplyer s PAYE reference. This is n yur payslip and P60 and P45. D nt frget t include the tax deducted frm yur pay. Any ther infrmatin regarding yur emplyment can be entered here. 6

8 Cmpleting yur tax return fr Self-Emplyment incme. Yu will need t have yur self-emplyment incme and expenses t hand t cmplete this sectin. Special tax rules apply t a number f trades and prfessins e.g. fster carer, barrister. The system pses a lt f questins. Yu may wish t click n the infrmatin symbl t assist yu t determine if these are applicable in yur case. 7

9 Cmplete this screen with yur business details. Often the business name is simply yur name. The date yur bks and recrds are made up t is ften the same as the tax year end date (i.e. 5 April) but if culd be anther date e.g. 31 December r 30 June. 8

10 Turnver is anther wrd fr sales r incme. Expenses can be entered as a single figure if the turnver is belw the VAT threshld f 85k. Capital Allwances may be available if yu have incurred capital expenditure. The Annual Investment Allwance is a type f Capital Allwance. Yu may wish t click n the infrmatin symbl r check HMRC s website re Capital Allwances. 9

11 Yu may wish t check the infrmatin symbl befre cmpleting this screen. This screen enables yu t use any trading lsses. 10

12 If yu have been selfemplyed under the Cnstructin Industry Scheme, yu shuld enter the tax deducted frm yur incme under that scheme here. This screen enables yu t select whether yu are exempt frm Class 4 NIC e.g. if yu are ver the state retirement age. See instructins n screen. 11

13 Cmplete with any ther infrmatin yu think relevant abut yur business. This screen summarises the infrmatin that yu have entered regarding yur self-emplyment. The 20k shwn here is fr illustratin nly. 12

14 The system will tell yu hw much Class 2 NIC is due. The figure shwn here is fr illustratin nly. Interest Incme. Nte that bank interest is nw paid grss i.e. n tax deducted at surce. Yu may wish t lk at HMRC s website regarding the taxatin f interest incme. The figure shwn here is fr illustratin nly. 13

15 Cmplete with dividend incme. Yu shuld refer t yur dividend vuchers r ther dcuments. Yu may wish t lk at the tax technical link re the taxatin f dividends. Cmplete with the annual amunt f state pensin. Please nte that if yur state pensin is paid every 4 weeks, t get the annual amunt yu shuld multiply the 4 weekly payment by 13 (nt 12). 14

16 Enter private pensin here. D nt frget t include the tax taken ff at surce. The wrding n this screen is smewhat cnfusing. Select Yes if this sectin des nt apply t yu r if the amunt shwn is crrect. 15

17 If yu get an errr message, just fllw the instructins. As abve, the wrding n this next screen is als cnfusing. If the figure shwn is crrect r des nt apply t yu, select Yes t prceed. 16

18 Nte: enter 0 if there is n tax debt included in yur PAYE cde r if yu d nt have a cde. This screen allws yu t select wh will receive any refund. 17

19 T receive a refund int yur bank accunt, yu shuld prvide HMRC with the relevant bank details. There is an ptin t have tax cllected thrugh yur PAYE cde if the debt is under 3k. 18

20 If yu need t adjust the level f yur tax liability, yu can d s here. This is applicable in sme cases including farmers r artists where there are special tax rules. If yu have used prvisinal r estimated figures instead f actual figures, yu shuld ntify HMRC f this here. 19

21 Any ther infrmatin. It is highly advisable t check yur return befre submitting it t HMRC. 20

22 It is highly advisable t check yur tax liability befre submitting the tax return t HMRC. Yu might wish simply t d a sense check r alternatively a lng hand calculatin n paper and cmpare that calculatin t the liability n the tax return. Yu may wish t check the infrmatin symbl in respect f this. 21

23 It is advisable t save yur return befre yu submit it and there are a number f ptins. Befre yu submit the tax return, yu shuld tick the bx t cnfirm that infrmatin is crrect and cmplete t the best f yur knwledge. 22

24 Yu might need t re-enter yur sign in details befre submitting the tax return. Smetimes this takes a while. Yu can lg ut and lg back in later. 23

25 When yu lg back in yu will see that the tax return has been submitted. Yu als have ther ptins such as viewing the calculatin. Date prepared: May