Filing your Accounts and Business Tax Return

The government has launched a new online tool to help people file their tax returns. The UK Government Online Services (GOV.UK) is now offering free access to its eFiling Service. The service allows taxpayers to upload documents directly into HM Revenue & Customs’ system. This saves you time and money. You no longer need to send paper copies of your tax return.

You can use the service to File your personal income taxes, corporation tax, VAT, national insurance contributions and capital gains tax. The service will automatically convert the information you provide into the correct accounting standards format – XBRL.

If you’re a charity or unincorporated association

Use Companies Houseonline services to register charities and unincorporated associations

Registering a charity or unincorporation association is easy and free. You simply need to provide basic information about yourself, such as your name, address and contact number. Once registered, you’ll receive confirmation emails and letters every year to remind you of your registration.

You don’t have to pay anything to register. If you want to use one of our services, however, there are some charges involved. We charge £10 per year for companies and £5 per year for individuals.

The fees cover the cost of running the service and maintaining it. They do not include the cost of providing the information we collect. For example, we spend around £60,000 each year to maintain the database of UK businesses and £4 million each year to process returns.

We also offer a range of additional services, including:

• Registering a limited company

• Checking whether a company is still active

If you are a community-based organization,

You’ve probably heard about the government’s plans to make it easier for people to set up charities, social enterprises and co-operatives. But what does that mean for you and how do you know whether you are affected? We explain here.

The Charity Commission wants to see more companies setting themselves up as charities. They want to look at why some businesses choose to become charities, because there could be benefits to doing so. These include being able to give more to good causes, such as giving employees paid time off to volunteer, or even becoming eligible for tax breaks.

But becoming a charity doesn’t automatically happen – you need to register with the Charities Commission. Companies House already holds data on around 80% of UK firms, including those registered charities. So we recommend you use Companies House to check if your organisation is registered. If it isn’t, you can still apply to register online. We hope this video helps you understand how to register as a charity. If you have any questions please contact us at [email protected]

Online accounting and tax return filing

The Australian Tax Office has launched a new web portal where you can file your income tax returns online. You’ll be able to do it without having to print out forms or fill them into a computer program. If you’re already filing your taxes, you’ll still need to download the relevant form and use it to complete your return. But now there are fewer steps involved.

If you’re self-employed, you can choose whether to pay quarterly or yearly. You’ll need to enter information about your business activities, such as how much you earned during the financial year, what expenses you incurred, and how much you paid yourself.

You’ll also need to provide information about your assets, including bank statements and documents showing ownership of shares and property.

Once you’ve filled out the form, you’ll need to upload supporting documentation. This could include invoices, receipts, or copies of contracts. Once you’ve uploaded everything, you’ll receive a confirmation email telling you when your return will be ready.

When you open the document, you’ll see a summary of your return along with a breakdown of your taxable income and deductions. There’s also a link to view your full return.

You can check your tax bill online, too. You’ll find the amount due, plus interest and penalties, under ‘Tax Due’.

If you don’t want to file your return online, you can still do it by phone or mail. However, you won’t be able to access your return online. Instead, you’ll need to send it in by post.

Other ways to file

There are many different ways to file your tax return, including online filing, e-filing, faxing, mailing, etc. If you’re looking for a quick and easy option, we suggest checking out our video tutorial on how to file taxes electronically. However, there are some situations where you might want to file your taxes in person. Here are three reasons why you’d want to do it that way.

Proving your identity

The Government has announced plans to introduce a new way to prove your identity online. From April 2020, you will no longer need to fill out forms or hand over documents to access public services like applying for benefits, opening bank accounts or registering to vote. Instead, you will be asked to upload a photo of yourself holding up one of three pieces of ID. These include your passport, driving licence or utility bill. If you don’t hold one of those, you’ll still be able to use the service – but you’ll have to provide another form of identification. The move follows research showing people are struggling to prove their identities online because of security concerns and lack of confidence in technology.

You will be able to verify it online through the new service known as Gov.uk Verify. This is part of the Identity Service, which aims to make the UK digital economy work for everyone. The Identity Service will help businesses and organisations to identify customers and employees, while helping individuals to prove their identity and access public services.

The Identity Service will be delivered by the National Pensions Reserves Fund, which manages pensions savings for millions of people across England, Scotland and Wales. It will initially launch in four pilot areas where there are already good examples of how identity verification works. In each area, the fund will run a trial of the service with local authorities and charities. They will test whether it improves customer experience and reduces fraud.

Frequently Asked Questions

Which tax return should my SEISS grants be included?

The table above summarises the position: Self-employed Individual Partner in Partnership

Please note it does not matter which of the four sections you choose, the first three grants must always be included on the 2020 / 21 income tax return.

However, there are two possible scenario which are described in the following paragraph:

Fourth and fifth SEISS grants

If you receive one of the fourth or fifth SEISS grants during 2020/21, you do not need to report any of the first three SEIS grants on your income tax return for 2020/21. This is because the tax relief granted under the SEIS scheme is paid out over five years. You therefore don’t pay any tax on the first three SEIS payments until 2023/24.

In addition, the SEIS relief cannot be used to reduce the amount of tax payable in the current tax year. Therefore, you won’t be able to claim any SEIS relief against the grant you receive in 2020/21.

Where do I report my SEISS funding on my tax return?

The Self-Assessment income tax return (SEIS) is due to be submitted by April 15th 2020. If you are applying for a grant under either the Fourth or Fifth SEISS Grant Scheme, you must complete the relevant sections of your SEIS form. These include the following:

• Where do the SEISS grants come from?

• How much money do I receive?

• What happens if I don’t apply for a grant?

• Will there be any penalties if I submit late?

If you use HMRC Online Services, you will find all the information you need in one place.

If you choose to file a paper tax return, you will need to download the relevant forms from the HMRC website.