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Self Assessment is one of the ways that HMRC collects Income Tax.
If you are liable, you must complete an annual self assessment tax return to report your income over the previous tax year.
This is how HMRC calculates how much tax you will need to pay.
We can complete and submit your self assessment for you, making sure everything’s correct and you’re not paying too much or too little.
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Do I Need to Send a Self Assessment?
You must send a tax return to HMRC if, during the last tax year (April 6 to April 5), you were:
- Self-employed as a sole trader and earned more than £1,000
- A partner in a business partnership
You may also need to send in a tax return if you get an income from any of the following:
- Money from renting out a property
- Income from savings, dividends and investments
- Foreign income
Other reasons for sending a self assessment tax return are:
- If you want to claim income tax relief on things such as gift aid or pensions contributions
- If you have become a company director
How Do I Register for Sending a Tax Return?
HMRC will usually write to you if you need to complete a self assessment tax return.
However, if you have recently become self-employed, or if you have other income that HMRC is not aware of, it is your duty to inform HMRC that you need to complete a tax return.
You can register online via the HMRC website, or you can talk to us first and we’ll be happy to help.
Once you have registered, you will receive your Unique Taxpayer Reference (UTR).
What Are The Deadlines For Completing My Return?
You must submit your self assessment tax return by January 31 following the tax year-end, which is April 5 the previous year.
For example: tax year 2019/20 ends on April 5 2020, so your tax return for this year will need to be submitted on, or before, January 31 2021.
How Do I Submit My Tax Return?
As your accountants, we can submit your self assessment electronically for you, to HMRC.
To do this, we’ll need details of your accounts for the relevant tax year. From this information we can then act on your behalf to complete and submit your return.
We’ll give you a copy first, to check, sign and approve.
How And When Do I Pay Any Tax I Owe?
You will need to pay any tax you owe on or before January 31 following the tax year-end in the previous April.
Usually, HMRC will send you a reminder with details of what you owe earlier in the month.
Once you are registered for self assessment, you will also need to pay in advance towards your next bill. These are payments on account.
You will need to make two self assessment payments each year, unless your tax bill is less than £1,000.
Each payment is calculated at half your previous year’s tax bill.
These payments are due on or before:
- 31 January, and
- 31 July
You can pay HMRC directly by bank account transfer, using Faster Payments, CHAPS or BACS.
You can find details of how to pay here.
What Are The Penalties If I Don't Submit a Tax Return?
If you fail to send a tax return, or you miss the deadline, or you’re late paying your bill then you will face a penalty.
This is £100 if your tax return is up to three months late.
Later than this, or if you are late paying your tax bill, you’ll have to pay more and there will also be interest charged on late payments.
How We Complete Your Self Assessment
Why go through the worry and hassle of sorting out your own self assessment?
- We meet you, get a good idea of how your business runs and look at your accounts, including your income and outgoings, with an expert eye
- We’ll put all this information together in a complete annual accounts document and tax return for you to check and approve
- Once you’re happy with this, we’ll get you to sign it, then send it off electronically to HMRC.
It’s that simple and streamlined.
By using our professional accounting services, you can be sure that we’ll capture all the relevant details, and spot anything you need to address before we submit your return.
We’re here to take a load off your mind, and work professionally on your behalf to ensure you’re paying the right tax, at the right time.
And even if you’re running late, we’ll act rapidly to get your tax return in, working with short turnaround times.
Traditional Accounting with Clear Principles
Venn Accounts are a traditional, London-based accounting firm, where we make sure our clients are clear about what we can do for them, supporting them on every step of the way. For information concerning pricing, please consult our self-assessment packages page to view the different services we can offer your business.