Our qualified accountancy team provide the following services:
- Preparation and electronic submission of self-assessment tax returns
- Agent for HMRC
- Calculation of tax liability and payment dates
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 straightforward 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, it is likely that you will have to complete a self-assessment tax return for the relevant tax year.
It is the taxpayers responsibility to register for self-assessment. Please see link to HMRC for registration https://www.gov.uk/log-in-file-self-assessment-tax-return
Process & Timeframes
The self-assessment process works as follows:
Self-Assessment tax returns always cover the year to 5th April. HMRC usually request that you submit a tax return on or around the 6th of April following the end of the tax year in question.
Deadlines for completion:
- Paper returns 31st October – until phased out as part of Making Tax Digital https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
- Electronic returns 31st January
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.
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.