Self Assessment Tax Returns

Self Assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax. If you're self-employed, a landlord, or have other income outside of your regular employment, you may need to complete a Self Assessment tax return.

Completing a Self Assessment can be complex and time-consuming. A self-employed accountant can help you navigate the intricacies, ensure accuracy, and potentially save you money by identifying tax-saving opportunities.

Our Self Assessment package includes income and expenditure analysis, tax calculation, filing of the tax return, and liaising with HMRC on your behalf, among other services.

The tax returns are submitted according to the tax years not calendar years. For the 2022/23 tax year – running 6 April 2022 to 5 April 2023 – you would:

• Need to register for Self Assessment by 5 October 2023 if you submit it the first time.
• Submit a return by midnight 31 October 2023 in case of filing a paper tax return.
• Submit a return by midnight 31 January 2024 in case of filing online.
• Pay the tax you owe by midnight on 31 January 2024.

If you fail to meet these deadlines, you might be charged a late payment penalty fee and interest.

Yes, we can assist you with late filings and help minimize penalties and interest charges from HMRC.

To register for Self Assessment tax returns in the UK, you'll need to follow these:

• Submitting it the first time, you'll need to register it first for Self Assessment. Whether you are self-employed, in a partnership or not a self-employed individual, there are different ways to register for it.
• A Unique Taxpayer Reference (UTR) will be sent after registering for Self Assessment.
• If you submit a Self Assessment form online, a Government Gateway account is required to set up. You will get a letter with your UTR and follow the instructions mentioned in that letter.
• You'll receive an activation code by mail, which you'll use to activate your online Self Assessment account.
• Once your account is activated, you can complete your tax return.

If you have already submitted it before, you can register and set up accounts with your old UTR.

Yes, if you are a Director of a limited company, you are generally required to complete a Self Assessment tax return. This is especially true if you receive income that is not taxed at source or if you receive dividends from the company.

Yes, you can file a Self Assessment tax return online through the HMRC website. This is often the most convenient method and allows you to instantly submit your tax return, calculate your tax liability, and receive immediate confirmation.

Yes, if you are operating as a sole trader, you are required to complete a Self Assessment tax return. This is how you will report your business income and expenses to HMRC and calculate your sole trader self assessment tax liability.

To claim tax relief on Self Assessment, you'll need to include details of your eligible expenses when completing your tax return. This can include costs like business expenses for the self-employed, or charitable donations if you're claiming Gift Aid. Make sure to keep all relevant receipts and records to substantiate your claims.

The required information needed to fill in a Self Assessment tax return While submitting:

• National Insurance number.
• Expenses details related to self-employment.
• Ten-digit Unique Taxpayer Reference (UTR).
• Charity or pension contributions that might be eligible for tax relief.
• Income details of unpaid tax for the tax year, such as dividends, self-employment income and interest on shares
• P60 or records that show the tax already paid on income you received.

Yes, you can pay a Self Assessment tax return in instalments in the UK. HMRC allows it to pay in monthly or quarterly instalments. It can spread the cost of paying taxes yearly to manage finances easily. But these will be an advance on the next tax bill. Also, you can’t pay for a previous tax bill in instalments.

Paying a Self Assessment tax bill depends on the length of time. Same or next-day payment.

You can pay through:

• Online bank account
• Online or telephone banking (Faster Payments).
• Clearing House Automated Payment System (CHAPS).
• Debit or corporate credit card online.
• Your bank or building society.

3 working days

You can pay through:

• Bacs
• Direct Debit (if you’ve set one up with HMRC before).
• Cheque through the post.

5 working days

You can pay through:

• Direct Debit (if you have not set one up with HMRC before).

If you miss the deadline to submit a return, bill payment or register, you will have to face a penalty. Up to three months late filing or paying tax £100 will have to be paid. If it is more than three months, the penalty will be more. You can also appeal with a reasonable excuse.

If you can't afford to pay a Self Assessment tax bill, contact us at 03300 886 686 to get expert advice. This number is for everyone, whether you are a self-employed person or a UK business holder.

You may still need to file if you have additional income, such as from rentals or dividends.

Yes, you can make amendments within 12 months of the original submission deadline.

Yes, self-employed individuals can claim business-related expenses, such as travel, office costs, and staff wages.

These are advance payments towards your next year’s tax bill, due by 31st January and 31st July.