Self-Assessment Tax Returns
Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline. The last tax year started on 6 April and ends on 5 April.
You must send your tax return by the deadline (31 January if you file online).
You must pay your Self-Assessment bill by 31 January.
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 get a 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 need to send a tax return if, in the last tax year:
• you were self-employed – you can deduct allowable expenses
• you got £2,500 or more in untaxed income, for example from tips or renting out a property – contact the helpline if it was less than £2,500
• your income from savings or investments was £10,000 or more before tax
• your income from dividends from shares was £10,000 or more before tax
• you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
• you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
• your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
• you had income from abroad that you needed to pay tax on
• you lived abroad and had a UK income
• your income was over £100,000
• you were a trustee of a trust or registered pension scheme
• you had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment
• Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters) – you can check whether you need to. You usually won’t need to send a return if your only income is from your wages or pension.
Company Accounts and Corporation Tax:
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC).
You must still send a return if you make a loss or have no Corporation Tax to pay.
When you file your tax return, you work out your:
• profit or loss for Corporation Tax
• Corporation Tax bill
The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.
There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.
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