Who needs to fill in a self-assessment tax return?
The most common reasons you need to fill in a self assessment tax return are:
- Your are self employed
- You are a partner in a partnership
- You are a company director
- You own land or property and receive income from rental of this property
- You have other untaxed savings or investments, or have a capital gain liability
When is my tax return due?
Self-assessment tax returns need to be filed at HMRC by midnight on 31st January after the tax year ends.
They can be filed any time from 6th April, but 31st January is the latest date to file.
When do I need to pay my tax bill?
You will need to pay any tax liability on or before 31st January following the end of the tax year. You may also need to make payments on account in advance of your next years liability.
What are payments on account?
If your tax liability for the year is more than £1,000 and you haven’t paid more than 80% of your tax liability through your tax code (for example, through a PAYE job), then you also need to make payments on account.
These are payments in advance of your next years liability and are due with your 31st January payment and another on 31st July.
Payments on account are calculated based on your previous years liability, split 50/50 between January and July.
For further information please visit https://www.gov.uk/understand-self-assessment-bill/payments-on-account
What happens if I miss the deadline?
There is an automatic penalty of £100 for late submissions of tax returns, along with daily penalties after 90 days late submission. You will also be charged interest on late payments of any tax due.
How we can help
At Hello Accountancy we use HMRC approved software to prepare your tax return, calculate your tax liability and file your tax return online. We’ll also let you know how much tax you are due to pay and when.
We deal with self-assesment tax returns for sole traders, partnerships, landlords (with small portfolios only), CIS subcontractors, limited company directors and high income earners.
We’d be happy to have a chat about your circumstances. Just get in touch to see if we can help.