Providing peace of mind with the taxman
With over 80 years experience behind us we know we will save you time and worry when helping you with your personal tax affairs, and that includes self-assessment tax returns.
We provide you with peace of mind and the ability to plan your finances by gathering all the information required for your tax return in plenty of time and informing you how much tax you owe and when it is payable by.
We know how important it is that you file your annual return with HM Revenue and Customs by 31 January each year, as late payment will result in a fine.
Businesses are also required to provide a set of accounts to Companies House and HMRC, and pay Corporation Tax. Non-compliance of these requirements will also result in additional fines. We will make sure this does not apply to you.
We promise to keep up-to-date with any changes in legislation, so you don’t have to worry about this. This improves your compliance and enables you to take advantage of any new tax breaks that will lower your tax liability.
When we deal with HMRC on your behalf, tax will not have to be taxing.
Call today to book your free no obligation meeting, on 01932 868444 or 0207 381 2022 Contact us.
Self-Assessment Tax FAQs
What is self-assessment tax?
- Self-assessment is a system HMRC use to collect income tax. It’s used to collect tax from people who are self-employed or not taxed in the usual channels.
Who needs to do self-assessment tax?
- In paid employment, tax is usually deducted from wages. Self-employed people, and people with income not taxed in the usual way, must complete a self-assessment tax return. This includes income from savings or investments, income from dividends, profits from sales, income from abroad etc. Always check with your accountant, or with the HMRC if you are unsure about whether or not you need to complete a self-assessment tax return, and for help with what needs to be declared.
How do I register for self-assessment tax?
- You can register online or telephone HMRC and they will send you the necessary registration form. You can also complete a form online, print it off and send to HMRC if you prefer. You need to do this in plenty of time before the deadline.
When do I need to register for self-assessment tax?
- If you are self-employed you’ll need to register for self-assessment and Class 2 National Insurance as soon as you can after starting your business. If it’s a new business you still need to register, even if you’ve completed self-assessment returns before.
When is self-assessment tax due?
- The tax return deadline is 31st January if you file online. You must pay any tax due in two instalments over the year (31 July with the balance due on 31 January). Paper tax returns have to be submitted much earlier, with a deadline of 31st October.
There are circumstances when deadlines may be different, for example, trustees of a registered pension scheme have to submit a paper tax return by 31st January; they can’t file online.
How is self-assessment tax calculated?
- Your tax is calculated from the total of your taxable income for the relevant tax year. This is based on the income you received, minus your tax-free personal allowance, and any other allowances you are entitled to. Your taxable income is your total income, minus your allowable business expenditure. If you are unsure if your tax calculation is correct, it’s a good idea to consult an accountant.
What records do I need to keep for self-assessment tax?
- You need to keep records of all of your business income and expenditure, as well as details of any other income, such as rental income from property. There are no rules on how you keep records, but it’s a good idea to keep your records organised. You can keep paper records, or digitally as part of a software program, such as book-keeping software.
What information do I need to complete my self-assessment tax return?
- You’ll need to know, and have to hand, everything related to income and expenditure for your business, plus information regarding any additional income. This includes:
- Your turnover for the financial year. This is all of your income from sales, plus any other amounts you have invoiced.
- Any additional income. If you also work in paid employment, you’ll need your P60, and if you finished paid work during the same tax year you’ll need your P45.
- Bank interest on all of your bank accounts.
- Property income, including any business expenses relating to the property.
- Business expenditure. This includes all allowable expense related to your business for the financial year.
- Tax details, including any amounts pre-paid throughout the year.
What happens if I don’t complete my self-assessment tax return on time?
- If you miss the tax deadline, even if it’s by a few minutes, you’ll automatically receive a penalty charge of £100. If after 3 months you still haven’t filed the return this amount will increase. There will also be interest added to any tax due, but not paid on time.
What happens if I don’t pay my tax on time?
- If you don’t pay your tax on time you’ll probably have to pay interest on the outstanding amount. You will also have to pay a penalty or surcharge for late payment. It’s always best to contact HMRC for advice if you are unable to pay on time. If you don’t, HMRC can take enforcement action to get the money you owe.
Who can help me with my self-assessment tax return?
- If you need help with your self-assessment tax return speak to an accountant. At Wellden Turnbull we have a team of expert accountants available to help you with your self-assessment return.