As a high earner in the banking industry earning over £100,000 per year, you are required to register for self-assessment and file a tax return.
If this is your first time filing a self-assessment tax return, it can seem overwhelming. However, with a bit of preparation and planning, it can be a straightforward process. Here are some tips to help you get started:
Register for Self-Assessment
The first step is to register for self-assessment with HM Revenue & Customs (HMRC). You can do this online or by post. You will need your National Insurance number, personal details, and information about your income and employment.
Gather All Relevant Information
Collect all the information you need to complete your tax return, including your P60, P11D, and any other relevant documents related to your income and expenses. You will also need to know your tax code and details of any investments or rental properties you own.
Understand Your Tax Obligations
Take some time to understand your tax obligations and the deadlines for submitting your tax return and paying any tax due. Failure to comply with the deadlines can result in penalties and interest charges.
Seek Professional Advice
Consider seeking the help of a professional accountant or tax adviser who can guide you through the process and ensure you comply with all the relevant tax laws.
Keep Accurate Records
Keep accurate records of your income and expenses throughout the year. This will make it easier to complete your tax return and ensure that you are claiming all the tax deductions you are entitled to.
Filing your first self-assessment tax return as a high earner in the banking industry may seem daunting, but with careful planning and preparation, it can be a straightforward process. By following these tips and seeking professional advice, you can ensure that you comply with all the relevant tax laws and avoid any penalties or interest charges.
Warr&Co are here to help!
Get a head start on your tax return by getting in touch with one of our specialist accountants today.
© 2019 Warr & Co Chartered Accountants. Warr & Co Chartered Accountants is a member of The Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact any one of the partners on 0161 477 6789 or contact us via our website forms. Warr & Co Chartered Accountants are registered to carry our audit work in the UK, our audit registration number is C002961684, for more information please visit www.auditregister.org.uk.