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Self Assessment Tax Returns

This page will help you understand the different requirements for self assessment tax returns, who needs to complete one, when, how to do it, the penalties for late submission or incorrect filing, and how we can help.

Our Tax Return Service

Our friendly tax returns department will offer all the advice and assistance you need to ensure your self assessment tax return is accurate and submitted correctly first time.

Whether you are self-employed, rent out a property, a partner or a director of a business we can assist you in becoming fully tax compliant and making sure you don’t pay too much tax. By working with you to submit your tax return accurately and on time, we can also help you avoid any penalties for late or inaccurate submissions.

Although you are able to complete and submit your tax return yourself, many individuals find the process tricky and altogether quite stressful. Our tax advisors have had years of experience and will able to guide you through the process and make it as easy as possible.

Key Benefits of our Service

Who needs to file a Self Assessment Tax Return?

The self assessment tax return is an annual requirement for people who do not pay their tax automatically through PAYE.

If you are self-employed, a Partner, Director, Landlord, a Trustee or registered with the CIS, you will have to file an annual tax return to HMRC declaring the amount of income you’ve earned. You have to do this by a certain deadline each year otherwise you may face a late submission penalty.

Self Employed Tax Return

If you are Self-Employed (e.g. a sole trader or freelancer) you are required to keep track of your finances and submit a tax return each year. Because you don’t pay your tax through PAYE, you need to declare all the income you have earned or received in the previous financial year. It is advisable to file as you go throughout the year so you have all the right documents in order when it comes round to the tax return deadline.

Many of our self-employed clients came to us because their circumstances made the process of filling out the SA100 form tricky and time-consuming; they were also concerned about getting it wrong and incurring a fine. As specialist tax advisors, we can ensure that not only are you fully compliant with HMRC but also that you don’t pay more tax than you are legally required to.

“Aston Shaw has looked after the needs of my business and the personal taxation for all my family for almost 10 years”.

Dr Sameer Shah, Newmarket Road Dental Clinic

Partner Tax Return

If you are a Partner within a Partnership, you need to submit a personal tax return as well as a tax return for your business. There is added incentive to file your returns before the deadline because HMRC have the opportunity to impose a double fine upon failure to adhere to the final submission deadline.

Director Tax Return

A Director needs to submit their self assessment tax return to declare the salary they were paid and any money taken out of the business, usually in the form of a dividend. You will need to be able to show any expenses you have claimed for during the year, as well as the other income you received during the year.

Landlord Tax Return (UK property income)

If you own and rent out a property you’ll need to submit a tax return to disclose the income you obtained through rental. To work out the amount of tax due, you’ll need to disclose figures either earned from self-employment or wages.

A Landlord’s tax return will mainly contain the details of employment as well as the money received from the property/properties they own. The majority of individuals who own multiple properties are often unaware of the expenses and allowances that they could claim. As such, it’s a good idea to speak to an accountant who can advise you on how to reduce your tax liability.

“Aston Shaw have given my partner and I really good advice over the years. Moreover the cost of the advice has been rewarded in lower tax bills”.

Trust Tax Return

As a Trustee, you are responsible for declaring any income in the Trust for that year. In both discretionary and accumulation trusts, the first £1000 of income is taxed at a lower rate. When the Trust income surpasses £1000, the income over that threshold is taxed at a much higher rate. Where taxation percentages vary, it is highly advisable to consult a tax expert – the cost will usually outweigh the potential charges for an incorrect submission.

CIS Tax Return

If you are a CIS registered individual, you’ll need to submit a tax return. As a Subcontractor, you will be paying a flat rate of 20% tax throughout the year. Many CIS registered individuals are often not aware of the expenses they could claim for, and the money they could be entitled to by way of a rebate or refund at the end of the year.

Top Tip: HMRC use risk assessment software to decide who to investigate. If you have a significant change in the amount of tax you are paying this year e.g. less business this year, it is a good idea to use the notes section to write a short explanation to potentially prevent this happening.

What do you need to declare?

When you file your return, you will need to declare any income that you made in the previous financial year. Each individual will be different, but here are the main documents and records you will need to declare:

When is the tax return deadline?

HMRC give two deadlines to file your self-assessment tax return:

Registering for online tax returns – UTR code

You must be registered with HMRC and have a Unique Taxpayer Reference (UTR) code to submit your tax return online. It can take seven working days for your activation code to arrive in the post if you are in the UK, and up to 21 if you’re abroad.

Fines for late submission

There is an immediate £100 fine payable to HMRC if you submit you tax return late. This becomes a £10 a day fine on top of the £100 if you fail to submit your tax return after three months, which grows to a maximum of £900.

If you haven’t filed your return after 6 and 12 months following the deadline you get an additional £300 fine, or 5% of your tax bill (whichever is greater) on top of your previous fine.

Submission After The Deadline

£100 Fine

3 Months Late

£10 a day up to £900

6 Months Late

£300 or 5% of tax due

12 Months Late

£300 or 5% of tax due

*All penalties are additional to the former.

 

Fines for incorrect tax returns

There are also fines in place for sending an incorrect tax return, or a form which contains mistakes. The heaviest penalty is for those who attempt to conceal their income in order to pay less tax.

What help can I get?

There are many online resources that will help you fill your tax return out correctly. However, the best form of guidance you can get is to get advice from a tax accountant.

The best way to ensure your tax return is filed correctly is to speak to an expert. This will ensure you pay the minimum amount of tax that you are legally required to. It will also ensure everything is accurate and submitted on time.

Remember!

Find out more: book a free meeting today

If you’d like help with your self-assessment tax return, please contact one of our offices:

Or use the Request a Call Back form below and we’ll contact you instead, whichever’s easiest.

Do You Still Need to Submit a Self-Assessment Tax Return?

October 2017

HMRC engraved on stone building

Are you one of the two types of people no longer required to submit a self-assessment tax return? Simple Assessment first took effect in September 2017, which means some taxpayers no longer need to disclose information about their income via a self-assessment tax return. The term ‘Simple Assessment’ may ring a bell, it’s a term […]

Read more
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