SELF ASSESSMENT Smart self assessment solutions for you...

We provide a service to complete and file your personal Self-Assessment tax return correctly & on time.

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self assessment tax

Self Assessment accounting for individuals

If you are self-employed, or running your own business, you will be required to file a personal tax return each year.

We provide a service to complete and file your personal Self-Assessment forms, having first made sure that you are claiming all the costs and expenses that you are allowed, to reduce your eventual tax bill.  We will make sure that you are fully aware of the payment deadline in good time ensuring your peace of mind.

Self Assessment tax returns

If you earn more than £1,000 from self employment or £2,500 from other untaxed income, then you must register for and submit self assessment tax returns.

Self Assessment tax returns are submitted to HMRC after the end of your financial year (5 April).  You must register for self assessment tax returns within 6 months of your financial year end and file and pay them by 31st January the following year.

Example – If your financial year end is 5th April 2020 and you have not submitted a self assessment tax return before then you have up until 5th October 2020 to register and until 31st January 2021 to file your tax return and pay the tax you owe.

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Penalties

If you miss the deadline for submitting your self assessment tax return you will receive a penalty and be charged interest on late payments.

If you are up to 3 months late you will be fined £100 and charged interest on late payments. If you submit your self assessment tax return over 3 months late then you can estimate the penalty you will receive by following the government website.

Paying your self assessment tax bill

The deadlines for paying your tax bill are usually 31 January as an initial payment and for any tax you owe on the previous year (known as a balancing payment) and 31 July as a second payment.

If you prefer to pay regularly throughout the year you can use a ‘budget payment plan’.

Ways to pay

  • Online banking
  • Telephone banking
  • CHAPS
  • By debit card online
  • At your bank or building society.
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You must ensure you allow time for the payment to clear and be visible to HMRC before the payment deadline.

Making changes

You can change your return after you have filed it if you have made a mistake. You need to do this in a certain time frame e.g. by 31 January 2021 for the financial year 2018 to 2019.

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