Self-Assessment Tax Returns

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A self-assessment tax return - also known as a ‘personal tax return’ or, more commonly, ‘self-assessment’ - is the mechanism by which individuals in the UK are required to declare annual income which has not been already accounted for via PAYE, or gains made on capital investments. Tax is usually deducted automatically from salaries, but individuals with business and/or other income must report it in a tax return. 

What makes us different

We don’t just prepare your self-assessment tax return; we will provide you with guidance and advice on minimising your tax liability. No more accounting jargon - we explain everything in plain English and ensure you stay on top of your tax affairs. We are accessible and responsive, available to answer any questions you may have throughout the year. We believe that building strong relationships with our clients enables us to transform a process that used to feel like the proverbial ‘pulling teeth’ into something much more enjoyable and efficient. 

How we work with you

Our typical self-assessment tax return process is performed in a few logical steps:

  1. Firstly, you will be provided with a simple and easy-to-complete questionnaire checklist to save you time getting together all the necessary information. 
  2. Once we have received the completed checklist we will arrange for a follow up consultation call or meeting, as per your preference. Using both the checklist data and our knowledge of your business, we will advise you on claims potentially available to you and elections arising from your personal tax return, in order to minimise your overall tax liability.
  3. We will then collate this information to compete your personal tax return, calculate your tax liability and payments on account, and provide you with detailed instructions as to how much is due, when each payment should be made and how to make them. 
  4. Once the process has been finalised and you have approved the draft self-assessment, we will submit it to HMRC.

Should you be entitled to a tax refund, we will ask you to provide us with your bank account details so that the refund can be transferred directly to your account. 

We will also deal directly with HMRC in respect of any communication regarding your tax return. 

Who needs to submit a self-assessment tax return?

You will need to submit a self-assessment tax return if you:

  • Are self-employed as a sole trader and have earned more than £1,000 in the tax year
  • Are a partner in a business partnership
  • Are a trustee
  • Earn more than £100,000 per annum via PAYE
  • Have received money from renting out a property 
  • Have received untaxed tips or commissions
  • Have received income from savings, investments, and dividends
  • Have realised profit from selling a buy-to-let property or shares
  • Have received child benefit when your annual income was in excess of £50,000
  • Have foreign income

Important dates to note

Here are some important deadlines for the current financial year:

  • Registering for self-assessment: 05/10/2021
  • Submitting paper tax returns: 05/10/2021
  • Submitting online tax returns: 31/01/2022
  • Tax payments: 31/01/2022

There is usually a second payment deadline of 31 July if you make advance payments towards your bill.

Please note that failure to adhere to these deadlines will result in penalties. 

 

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