Self-Assessment

Managing your personal tax affairs can be daunting and if you get it wrong you risk not only suffering financially but also running into problems with HMRC.

We are here to take that stress away from you. We have years of experience of helping people keep their tax bill as low as possible whilst also remaining 100% HMRC compliant.

Do you need to complete a self-assessment tax return?

Self-assessment applies mainly to the following groups of people:

  • Sole traders
  • Partners
  • Company directors
  • You receive more than £2,500 in untaxed income (e.g. rental income)
  • You receive more that £10,000 in savings or investment income
  • You need to pay Capital Gains Tax (e.g. if you sold shares or a second home)
  • Your income exceeds £50,000 and you received Child Benefit
  • You have untaxed income from abroad
  • You lived abroad but have UK income
  • You receive dividends from shares
  • Your income exceeds £100,000
  • You were a trustee of a trust or registered pension scheme

If you are not sure whether you need to complete a self-assessment return, then please get in touch.

Self-assessment dates

In the UK, the tax year runs from 06 April in one year until 05 April in the next.

Self-assessment tax returns must be submitted to HMRC online by 31st January following the end of the tax year. For example, for the tax year 6 April 2016 – 5 April 2017, a self-assessment tax return needs to be submitted by 31st January 2018.

This doesn’t mean you should leave completing your return until January.  In fact we recommend, you think about submitting your return as soon as the tax year has ended. This way you won’t be in a panic to get everything done and won’t risk late filing which can result in penalties.

Our self-assessment service  

Our aim is to make the whole process as painless as possible for you.

We recommend that you create a spreadsheet detailing your income and expenses and update it weekly or monthly. This saves you having to try and do it all at once when your tax return is due. If you are unsure whether income is taxable or not, please give us a call. It is better to err on the side of caution where the tax man is concerned!

We will use this information to prepare your self-assessment tax return. When you have approved the tax return, we will submit it online to HMRC and advise you of any payments due and when they are due for payment.

Registering for self-assessment

If you are not already registered for self-assessment we can help you with the online registration.

If you are self-employed and need to register you can register online at www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed.

If you need to register for self-assessment for any other reason you can register online at https://online.hmrc.gov.uk/shortforms/form/SA1