Self Assessment

Do I need to file a self-assessment tax return?

As a general rule, anyone who receives income that isn’t taxed at source needs to complete a self-assessment tax return.

Director? A self-assessment tax return would usually be required to declare any dividend income you have received from your company.

Sole trader? In order for HMRC to calculate National Insurance Contributions and Income Tax, you would need to provide your income details via self-assessment so that HMRC can calculate if you owe any tax.

Other examples of income not taxed at source could include property landlords with rental income, income from overseas or investment income.

You can find a complete list on the GOV.UK website, including an online tool which will tell you if you need to file a tax return.

And of course, our dedicated tax team are available to discuss this with you should you have any specific queries about your income.

We can:

• File your return electronically to speed up any refund situation
• Advise you of taxes due and due dates for payment
• Make “payment on account” reductions, if applicable, so that you hold onto your money

Self Assessment for individuals started with the tax year beginning 6th April 1996. Self Assessment is the name for the tax system whereby every taxpayer or potential taxpayer is responsible for sorting out their obligations and paying the correct amount of tax by the correct date themselves. Failure to do so means interest charges and penalties.

The taxpayer cannot rely on HM Revenue & Customs (HMRC) working out the figures and also making sure the payment date is met.

It is your responsibility. As a leading firm of Chartered Accountants, we can help you meet your obligations.

We deal with over 1,500 self assessment returns each year so we can help you through this minefield. Let us prepare your Self Assessment Tax Return on your behalf. We use software from a leading specialist and then file your Tax Return Online through the secure Government Gateway. It is fast, ensures that there are no clerical errors by HMRC staff inputting incorrect figures and keeps your tax records up to date.

Our help doesn’t stop at just preparing Self Assessment Tax Returns; we not only manage the whole Tax Return process but we monitor your tax statements to make sure you have paid the right amount of tax at the right time. We can also monitor your PAYE code numbers and track payments or repayments of tax.  If HMRC get it wrong – and they do – we will act to make sure their records are corrected.

Our tax team has qualified and trained personnel who will help you through this annual process and look out for tax saving tips for you. Should you unfortunately be selected for review or enquiry they are able to deal with HMRC on your behalf minimising the worry that such an approach brings. We are also able to offer insurance for such an occurrence through a group scheme for clients which keeps premiums at a reasonable level.

Please click to download a Personal Tax Return Checklist which provides an analysis of the information we will require to prepare a return.