If you’re self-employed or have an additional source of income outside your primary employed work, you have to complete a self-assessment tax return.
Sometimes, HMRC sends them to people that are required to do them, even if there is no extra income and no tax due. But getting it wrong can have disastrous consequences – pay too much and you end up feeling short changed; pay too little and you can get into trouble with HMRC.
With our expert self assessment accountants, you can stay on track, remain compliant and get back in control of your taxes. We’ll make sure you never miss another self-assessment deadline, too.
The tax year-end date is 5 April each year, with self-assessment returns due on or before the following 31 January. Some people miss this deadline, however, and end up being hit with big fines. Others wait until the last minute to file and make silly mistakes as a result, ultimately paying more tax than they need to. It doesn’t have to be like that, though, and with us in charge of your return, we can ensure it won’t be.
Self-assessment returns are also your opportunity to reduce your tax bill by claiming tax reliefs and using allowances. That’s why we tailor tax return services to you – once we understand your business, we can work on a tax-efficiency plan well ahead of time.
For company directors, it’s about reporting salary, dividends, pension contributions and benefits-in-kind. For sole traders, it’s about making sure any eligible business expenses are claimed before we calculate your taxable profit.
Find out more self assessment due dates and how to pay with our simple guide.
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Determining whether one needs to submit a Self-Assessment tax return is dependent on various factors related to their income and status. The following groups are typically required to complete and submit a tax return:
Moreover, if one has other untaxed income, such as from tips or commissions, it’s necessary to declare this through a tax return. Additionally, individuals who have earned income from abroad or are receiving income from a trust, are obliged to submit a return.
Online Filing:
Paper Self-Assessment:
National Insurance and Pensions:
Remember, submitting a Self-Assessment tax return is also an opportunity to claim tax allowances and reliefs, which could reduce the overall tax liability. It’s essential to stay abreast of these requirements to avoid any penalties for late or inaccurate submissions.
Failure to submit a Self-Assessment tax return or making inaccurate submissions can lead to significant penalties from HM Revenue & Customs (HMRC). It is crucial that taxpayers understand both the implications of missing the deadline and the cost of errors.
It is important to be aware of the deadlines for Self Assessment. A minimum fine of £100 applies to any tax return filed up to three months late. This penalty applies even if there is no tax to pay. Should the return be over three months late, daily fines of £10 accrue, up to a maximum of £900. For submissions made six months late, an additional penalty of £300 or 5% of the tax due, whichever is higher, is charged Estimate your penalty for Self Assessment tax returns.
In the case of submissions overdue by 12 months, further penalties are imposed, which can be as much as 100% of the tax due, based on the behaviour leading to the delay. If inaccuracies are found in the tax return, penalties depend on whether HMRC views the error as careless, deliberate, or concealed, with fines increasing accordingly.
Taxpayers have the opportunity to appeal against a penalty if they believe they have a reasonable excuse for the delay or error.
Ensuring accuracy and timeliness in submissions is paramount. There are systems in place to appeal, but it is better to avoid facing fines and interest by meeting all deadlines and double-checking all returns for mistakes or errors before submission.
Of course, Individuals in the UK have the option to complete their own self-assessment tax return without the need for professional assistance. The process can be done either online or by submitting a paper tax return. For those choosing the digital route, creating a Government Gateway account is necessary. This account gives access to HMRC’s online services, allowing users to fill out and submit their tax returns electronically.
Our services are designed to help those who need self assessment tax returns completed and want the peace of mind that their tax affairs are sorted as well as being able to save money by ensuring you don’t pay too much tax.
Navigating tax relief and understanding the specificities of financial legislation requires a high level of expertise. Enlisting the services of a qualified accountant or tax advisor should be a priority for anyone uncertain about the nuances of self-assessment. These professionals can help taxpayers: