Self Assessment Tax Returns
Your self assessment tax return can be daunting. Faced with a mountain of paperwork, or a bag of receipts, its difficult to summon the energy to begin. Added to that the worry of getting it wrong and it’s no wonder people running small businesses dread January.
I can take that mountain of paperwork, work out your tax liability and complete your self assessment tax return for you. I can also deal with HMRC directly on your behalf with your authorisation if required.
How do you know if you need to complete a self assessment tax return?
Some of the more common reasons you need to submit a tax return are:
- you’re self-employed
- you’re a company director (some exceptions exist)
- you’ve £2,500 or more of untaxed income, eg from renting out a property
- you need to pay capital gains tax
- you or your partner have income over £50,000 and one of you claimed child benefit
- you’ve received an email or letter from HMRC asking you to send one
Find out whether you need to complete one using this handy tool https://www.gov.uk/check-if-you-need-a-tax-return.
The tax year runs from 6th April to 5th April the following year.
You must register for Self Assessment by 5th October following the end of the tax year.
If you want to send a paper tax return it must be received by midnight on 31st October following the end of the tax year.
You can submit an online tax return up until midnight on 31st January following the end of the tax year.
You also need to pay any tax you owe by midnight on 31st January following the end of the tax year.
If you make advance payments towards your bill, Payment on Account, then there is an additional payment deadline of 31st July.
Want to complete your tax return yourself?
Why don’t you look at this collection of videos, Self Assessment Help and Deadlines, about all aspects of self assessment that can be found on the HMRC YouTube channel?
Rather spend your time building your business or spending time with family and friends? Contact me on 07455 883576 for a free, no obligation quote. Prices start from £99.