As an individual tax payer, ensuring you complete and submit a self-assessment tax return and pay any tax owing on time is ultimately your responsibility and not that of HMRC.

An employee with fairly straight forward tax affairs is unlikely to need to complete self- assessment as any tax liability will be deducted at source via PAYE. If however, you have other forms of taxable income, are self-employed or a contractor, or have any capital gains then it is likely that you will have to complete self-assessment for the relevant tax year.

Process & Timeframes

The self-assessment process works as follows.

HMRC will send you your tax return on or around the 6th of April following the end of the tax year in question. The forms will consist of the main tax return and any supplementary forms they believe are relevant. If your circumstances dictate that other supplementary forms are required you should contact HMRC to obtain them.

Completed tax forms must be submitted to HMRC by 31st October for paper returns and 31st January for electronic submission. Late submission will result in a penalty of between £100 and 100% of the amount of tax owing in the most serious cases.

Payments on account of income tax (and Class 4 national insurance contributions) for a particular tax year will be due on 31 January in the tax year and 31 July following the end of the tax year.

As with submission of returns there are significant penalties for late payment of personal tax amounts due.

Preparing Self-Assessment forms

Completing a tax return as an individual shouldn’t be hugely complicated…but so often it is, not just because the meaning of the questions themselves is sometimes less than obvious, but because our own circumstances don’t always fit.

For the self-employed in particular tax returns can be a nightmare. At First Call we have years of experience in everything to do with personal income tax and we submit self-assessment tax returns and CT600 onbehalf of many, if not most of our clients, as well as dealing with their National Insurance, PAYE and statutory payments.

Need a hand?

Want help with your individual self-assessment tax returns? Why not give us a call on 0117 379 0810 or use our contact form.