If you are self-employed or work within a partnership, chances are you would have received a little brown letter from HMRC asking you to send in a tax return – while that may feel you with dread, we love those letters!
A self-assessment is an annual submission to HMRC detailing all income received in the tax year, which runs from 6th April to 5th April each year. The sources are but not limited to, employment income, self-employment, income from a partnership, property income, interest income and dividend income. Lets not forget reliefs and allowances that can also be claimed.
As you can probably tell, completing a tax return is not everyone’s cup of tea however we love assisting our clients by taking this off their hands. We’ll send over a tax return checklist to ensure everything and anything that needs to be disclosed is to ensure its accuracy (and avoid penalties!) while ensuring we claim all possible reliefs and allowances. We’ll even complete a tax forecast for the following year so you know exactly the payments you need to make.
Get in touch with one of our chartered accountants today and find out how we can help you!
The deadlines for self assessment that you should be aware of are:
5 October – deadline to register for self assessment for the first time.
31 October – paper return deadline
31 January – online filing of tax return deadline
31 January – tax payment deadline (1)
(1) If you’ve already made payments on account, you may have already partially paid towards this bill.
31 July – payment on account
You can pay your tax bill using the following methods:
Online or telephone banking
CHAPS or BACS
Debit card online (by credit card is no longer available)
Direct debit
Cheque
At your bank or building society
In some cases, HMRC require individuals to pay in advance of the following tax year. This is calculated by taking the total income tax and class 4 NIC due in the prior year with one payment (50%) paid in the January in the current tax year and the other payment in the July following the current tax year (remaining 50%).
Income tax and class 2 and class 4 national insurance contributions vary depending on the type and level of income. For example, generally, self-employment income will be subject to 20%, 40% and 45% income tax and class 2 and class 4 national insurance.
Why choose us for your Self Assessment Service:
- Responsive – We have internal KPIs for delivering our services and responding to clients, no one wants a tax bill on the day it’s due. We’ll give you plenty of notice and always respond to queries in a timely manner.
- Experienced – As chartered accountants & chartered tax advisors, we’ve been there and got the t-shirt so there isn’t much we don’t know about accounting and if we don’t, we know where to find out!
- Cost Effective – Appointing an accountancy firm is an investment, not a cost. Our purpose is to ensure we save you money and provide you with a valuable service to help your business start, grow and succeed.
- Proactive – For our self-assessment and company accounts services, we have a pre-tax review as standard to ensure you are claiming all the available reliefs and allowances to operate tax efficiently, topped off with a personal tax forecast so you know where you stand way ahead of time.
- Personable – We never talk to you in technical language, that’s for us to do around the office water cooler. We keep it simple and straight forward so we are always approachable for any questions.
- Single point of contact – Whether you have one service or multiple services with us, you will always have a single point of communication with a Client Manager so you’ll not passed from department to department to get an answer.