It’s that time of the year again, when certain individuals in the UK need to file their Self Assessment tax returns. You may have received a letter from HMRC reminding you that you need to do one. However, just because you’ve not received such a letter does not mean you aren’t required to submit a Self Assessment return.
Do I need to submit a Self Assessment tax return?
Many people who work in the UK and pay income tax are not sure if they need to submit a Self Assessment. We’ve compiled a short list below that should help you work out whether you need to submit a Self Assessment tax return before 31 January.
Consider these questions:
- Are you self-employed?
- Are you a company director?
- Do you have an annual income of £100,000 or more?
- Do you have income from savings, investments or properties?
- Do you receive income from overseas?
- Do you have income from trusts, settlements and estates?
- Do you have Capital Gains Tax to pay?
If you answered yes to any of the above questions, you will most likely have to complete a Self Assessment and submit it to HMRC.
Most people who get in touch with us are worried that they will fill in their Self Assessment incorrectly or not get it submitted in time. These are valid fears and that’s why we are here to help. Our experts will ensure that everything is correctly submitted on your tax return, so you don’t have to pay any penalties.
Don’t get penalised
Unlike employees, who generally pay tax through PAYE, directors and self-employed individuals living in the UK must submit Self Assessment tax returns.
This can be a complex and time-consuming procedure, and should be done well in advance to avoid fines and unnecessary stress. As we approach the 31 January deadline, you will need to make sure that your tax affairs are dealt with efficiently and accurately to avoid having to pay penalties.
Get expert help with your return right now
It is possible to complete and file your own Self Assessment tax return, but it can very quickly become complex – besides being a tedious process.
You will also probably be left wondering if you have completed it correctly, especially where you have multiple sources of income. These fears are valid; that’s why we are here to help.
Let us remove the stress of filing your return with our Self Assessment service.
Our team of experts will help you through this process online or in person, so that you can get on with your career, with the peace of mind that your tax affairs are in order.