3 days to go! The countdown to Christmas is almost over!!! For Christmas we’re giving you help and advice you toward your upcoming tax return deadline.
Don’t spend your Christmas holidays stressed about your tax return deadline next month, contact us and let us do all the work.
The Ultimate Tax Guide For Self-Employed Actors
For actors, there are many important questions that need to be answered if you don’t want any problems with the tax office. With tax penalties increasing and regulations getting harsher and harsher, it couldn’t be any more important to understand your taxes.
Starting this guide the way every self-employed actor starting out should:
REGISTER WITH THE HMRC
If you believe you need to complete a tax return, you must inform the HMRC. There are two main forms to use, which one depends on your reasons for needing the return:
-CWF1 for those who have recently become self-employed
-SA1 for any other reasons, such as if you’re a Buy to Let Landlord
Most HMRC registrations can be done online on www.HMRC.gov.uk or contact us for help
The HMRC will then send you a confirmation of registration and provide you with your unique taxpayer reference, or UTR. You should quote this on any payments you make or any correspondence to HMRC.
A tax return should include all of your taxable income and gains for the relevant tax year. A tax year starts on 6th April and ends on 5th April. Also note that all of your taxable income and gains must be declared on a tax return.
Submitting the tax return
Following the end of the tax year, tax returns must be submitted to the HMRC. You can submit your return on paper; this must be done by 31st October. Or, you can file your return online which must be done by 31 January, the following year.
Failing to file your return on time will result in an automatic £100 fine, with further penalties depending on the length of delay.