What is a Self Assessment?
A self assessment tax return is a form which different bodies report their income and capital gains, and it claim tax allowances and tax relieves.
In United Kingdom the Her Majesty’s Revenue and Customs (HMRC) is the UK’s tax, payments and customs authority, responsible for the collection of taxes. The tax year starts from 6th April to 5th April of following year.
How HMRC uses the company information that you fill in your tax return to work out which amount are you due Or if you are entitled to a tax refund.
Who needs to fill a self assessment tax return?
You will need to fill a tax return if:
- You are a self-employed;
- Or a company director (you may not need if you work for a non-profit organisation);
- You have rental or income from antoher property (depends on the amount);
- You have any other income which is not collected trough the PAYE system (Pay as you Earn = salary or wages ). I.e. Income from savings and investments over £10000;
- You have to pay extra tax because your household receive Child Benefit;
- Your household is a high income (above £50.000);
The self Assessment tax return need to be send by 31st January, if it’s done by online system
If it’s the first year that you are registering online, to submit your return. You are allowed 20 extra working days.
If you are in any of the above situation, you will need to fill in a tax return. If you need any help or assistance we are here to help. We are an accountant firm based in Southall, London. We do offer different packages and services to suit individual needs. For more info, please don’t hesitate to contact us on our email email@example.com or visit us in our office in Southall, London.