Hello - bit thick on this front
I’m a LTD director & have been using Quickfile for years - love it, amazing value & automatic reconciliation through open banking is lovely.
I need to start doing self-assessment - is it possible to do that in Quickfile? Registering a new account only shows “sole trader” as the closest option. Can I do that and… most things will be right? Or am I being very naive - thank you
I’m pretty sure I have been thick here.
I assumed director self assessment accounting was similar to sole trader/limited company & every transaction would need to be accounted for.
Reading into it properly I see that this isn’t the case
Self Assessment can include lot of things like another unconnected business as sole trader, employment income, dividends, capital gains, rental income etc. Have you been issued notice to file SA or have other income to declare?
Sole trader account on QF is only required if you are running another venture not related to company
Yes this is now my understanding, thank you.
In my specific case I have an employment income over the personal allowance that goes through PAYE and already has tax paid. I also have dividend income that this year is over £10,000/year. I don’t have any other income streams except for savings interest from a Cash ISA that is tax free up to £20,000.
I understand that all of these will need to be reported on SA100 & SA102, but I won’t need to keep records/receipts of all transactions because I’m not a sole trader. I just need to record my business/savings income (i.e. P60, Dividend Voucher & Savings statements)
I have not received a notice from HMRC to complete a SA, but my understanding is that dividend income over £10k triggers the requirement.
Correct, this should also be of help on Personal Tax
A very good guide, thank you
hi.is it possible to do self return assesment on quickfile.thank you
No, it is not. This may be introduced in future if/when the plans for MTD self assessment settle down, but traditional self assessment returns no.
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