Guidance Completing Your Self Assessment
What is a Self Assessment?
A self assessment tax return is a formal document submitted to HMRC detailing the amount of tax you owe. HMRC need to receive your tax return as well as any money you owe for the accounting period of April to April by January 31st. We recommend completing your self assessment well in advance of this deadline. Completing a self assessment for the first time can seem quite daunting as it’s one of the most significant documents you can complete when self employed.
Many self employed people in the UK leave their self assessment tax return until the last minute. However, as the bill has to be paid by 31st January, it is cutting it fine. As well as time taken to submit it, it is always a good idea to give yourself time so you can put money aside for paying the actual bill!
Do You Need to Submit a Self Assessment?
You must submit a tax return if in the past year (6 April to 5 April) you were; self employed as a sole trader and earned more than £1,000 or were in a partnership or business partnership. There are also other situations where you may be required to complete a self assessment tax return. Some examples of situations are:
- You receive dividend income
- You have received a capital gain on the sale of an asset during the financial year
- You receive Child Benefit and you or your partner earn over the child benefit threshold (currently £50,000 per year)
If you are unsure if you need to submit a tax return, please don’t hesitate to contact us to check.
Don’t Want to Risk Completing Your Self Assessment Alone?
Some people do their own self assessment tax returns, and that can be ok, however you need to know what you are doing, and what you can and can’t claim for, so you don’t have to end up answering to the tax man and paying penalties for late or incorrect returns.
Our price for self assessment tax returns start at just £300 plus VAT if you are self employed.