close menu

UK self assessment tax returns: What you need to know

HMRC requires certain individuals to complete a Self Assessment tax return every year.

There are a few reasons you may be required to complete a Self Assessment tax return, but some of the common ones include instances where you:

  • Are, or were, self-employed
  • Are, or were, a company director
  • Earn £100,000 or more in a year
  • Receive taxable income from abroad while living in the UK
  • Are a trustee of a registered pension scheme or trust
  • Receive £2,500 or more in untaxed income from rental property, investment dividends or savings
  • Receive other income that is not taxed at source - for example capital gains or dividends

Let our tax return consultants guide you

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 penalties and unnecessary stresses. It is possible to complete and file your own Self Assessment tax return, but it can be time-consuming and finicky. It may leave you wondering if you have completed it correctly, especially where you have multiple sources of income. Unless you are familiar with UK income tax as it applies to individuals, let us remove the stress from your return.

Our team of experts will help you through this process so that you can be left to get on with your career, with the peace of mind that your tax affairs are in order.

 

Our consultants are available to help you with any questions or concerns you might have about Self Assessment.

We have some exciting news
for all our 1st Contact clients...

1st Contact is rebranding to Sable International!

For the last 18 months we've been merging with our big brother, Sable International. By the end of the year, we're going to complete the rebrand.

The accountants, brokers, advisors and caseworkers that you are used to dealing with will not be going anywhere as the entire 1st Contact team will be in the same roles at Sable International. You'll still get that same great service, just under a new name.

We'll be keeping you in the loop as we prepare for the next exciting phase in this rebranding.

If you have any questions, please feel free to contact us directly.

Do you like cookies? We do, read why.