Self assessment tax return

Submitting a self assessment tax return can be a daunting experience. A variety of different people can need to complete a self assessment, from a sole trader to a Limited company director. It can be challenging to know if you need to file a return, what the key dates are and what to include on your tax return.

I am here to help you get yours submitted on time, whilst claiming all the expenses and allowances we can.

Self-assessment or a personal tax return is the system HMRC uses to collect income tax. Tax is typically deduced at source for employment and pension income, but for other untaxed income it needs to be declared on a tax return.

You must submit a tax return if:

• You were a self employed sole trader and earnt more than £1000 in the tax year
• You were a partner in a business partnership
• You had a total taxable income of over £100,000
• You have to pay the high income child benefit charge

You may also need to submit a tax return if you have untaxed income, for example:

• Covid grants/support payments
• Rental income from property
• Dividends
• Savings or investment income
• Foreign income

31^st January: The deadline for submitting your online tax return and paying your tax liability for the previous tax year. For example 6^th April 2022 – 5^th April 2023, will be due 31^st January 2024.

If you need to pay payments on account, the first payment on account is also due on 31^st January. [See video: What are payments on account?]

31^st July: The second payment on account is due.

5^th October: You must let HMRC know that you need to submit a tax return, if you have untaxed income for the previous tax year.

31^st October: The deadline for submitting your paper tax return, for the previous tax year.

You can submit a self assessment tax return yourself through your government gateway. However, I would recommend working with an accountant, to ensure it’s correct and compliant with HMRC and that you’re using all the allowances and expenses you can.

In my experience, most people that I have seen submit their own tax returns, either make some sort of mistake or don’t claim all the expenses and allowances they could have.

★ Experience submitting 100’s most likely 1000’s of self-assessments.

★ Proactive – Not waiting until 31^st January, getting your tax return submitted early so you know exactly what you need to pay.

★ No accountancy jargon or acronyms – Self assessment can be complex, so I will always speak in layman’s terms, no accountancy waffle!

★ Friendly service – Always here on hand for any support you need with your self assessment tax returns.

If need help with your self assessment tax return, book a 15 minute discovery call today and we can jump on the phone for a chat, or meet for a coffee if you’re in Lichfield.

More Accounting services I offer:

• Limited company accounts
• Bookkeeping
• Small business accounts
• Sole trader accounts
• VAT returns
• Payroll
• CIS
• Xero set up and training
• Dext set up and training
• Every Cloud Power Hour