You must send a tax return to HMRC if, during the last tax year (April 6 to April 5), you were:
You may also need to send in a tax return if you get an income from any of the following:
Other reasons for sending a self assessment tax return are:
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).
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.
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.
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:
You can pay HMRC directly by bank account transfer, using Faster Payments, CHAPS or BACS.
You can find details of how to pay here.
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.
Why go through the worry and hassle of sorting out your own self assessment?
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.
Operating from our London head office, Venn Accounts a traditional accounting firm. We are committed to ensuring all our clients are completely clear about what we can do for them, while fully supporting them every step of the way.
Contact us and speak to a member of our team about our annual account service.