You should complete a tax return if you are
- employees or company directors
- business partnerships
- UK property income
- foreign income or gains
- capital gains
- non-UK residents or dual residents
Self-Assessment is a system of HM Revenue and Customs (HMRC) used to collect income tax. The tax is usually deducted from wages (both part time and full-time employee), pensions and savings income.
If you are not registered for self-assessment you need to inform by registering not later than 5th October following the tax year you had income from self- Employed.
Self-Assessment can be time-consuming and confusing for busy individuals and
self-employed. It can also be costly if penalty is imposed by HMRC for missing deadlines or incorrect returns are filed or inappropriate records are maintained.
Whether you simply need your annual tax returns completed efficiently, or you
need complex specialist advice we are here to help. Our specialized Small Business Accountant team will work on your tax returns giving you peace at mind, whist freeing up your valuable time by offering a comprehensive Individual Self-Assessment tax return service.
We calculate how much tax you have to pay, minimizing your tax bills, completing and filing your tax return. Lesstax 4 U accountants always explain your results before submitting anything. Additionally, you will have access to expert knowledge whenever you need it as well as tax planning advice.
Filing deadline is 31 January after the end of the tax year for online submission and 31 October for paper return
Payment Deadline 31 January following the end of the tax year
Payment on account 31 January and 31 July