P is for Personal tax

P is for Personal Tax

P is for Personal Tax - A to Z Accountancy Top Tips

We are now in the new tax year for personal tax. From 6th April 2022 we are in the tax year commonly called 22/23.

It also means that you are able to complete the tax return for the previous tax year. This is the return covering the period 6/4/2021 – 5/4/2022.

There is no reason not to start your 2021/22 tax return already.

If you have untaxed income (not profit) over £1,000 in 2021/22 then you need to register and complete a tax return.

Follow this link to register for self assessment > https://www.gov.uk/register-for-self-assessment

If you need any help let me know.

You must include all sources of income received in that period on your return. This includes self-employment, employment, rental income, dividends, bank interest, capital gains amongst others.

Top tips;

Higher rate taxpayers – have you remembered to put in your gift aid donations and private pension contributions?

If you have worked from home during that period, claim it, either flat rate or the full calculation.

If you have made any losses during the year or losses brought forward, remember to offset them where you can, to reduce your tax. Or if it’s your first year of losses, are you able to carry back and redo last year’s return to get a tax refund?

Block out an hour in your calendar for the end of April 2022 to start getting your information together or get in touch with us to see how we can help you.

Thank you for reading this weeks blog – P is for Personal Tax, see you next week.

Flo

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