Self Assessment tax returns are a way for individuals in the United Kingdom to report their income, calculate their tax liability, and declare any additional income or gains to Her Majesty’s Revenue and Customs (HMRC). It is a system designed for individuals who have income that is not automatically taxed through Pay As You Earn (PAYE) by their employers.
It is crucial for individuals to understand their tax obligations, keep track of their income and expenses, and ensure that they meet the deadlines for filing their Self Assessment tax returns. Seeking guidance from tax professionals can help individuals navigate the process and ensure compliance with tax regulations.
We have experienced self-assessment accountants that can help you with your tax returns. Need help with Self Assessment tax returns? Call us 0203 002 2027.
Who needs to file a tax return?
Self Assessment tax returns are typically required for individuals who fall into one or more of the following categories:
- Self-employed individuals, including sole traders and partners in partnerships.
- Directors of limited companies.
- Individuals with income from property rental.
- Individuals with income from investments, savings, or dividends above a certain threshold.
- High-income earners (earning above a certain threshold), who have tax to pay on additional income or gains.
- Individuals who receive income from abroad or have other complex tax affairs.
Penalties
You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.
You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.
You’ll be charged interest on late payments.
Next step
If you would like to find out more about how we could help your business, please get in touch by either calling on 0203 002 2027, 07838 033385 or completing the contact form and we will be right back to you.