SELF ASSESSMENT TAX RETURN
Self Assessment
At Tax Surgeons, we're not just about crunching numbers; we're all about adding value to your financial journey. Our team of qualified accountants goes beyond simply filing your self-assessment tax returns. We provide personalised advice and guidance tailored to your specific situation, helping you minimise your tax liability and maximise your financial potential.
Why settle for basic number-crunching when you can have a strategic partner in your corner? We empower our clients to stay ahead of the curve, ensuring they're fully informed to make savvy business and investment decisions. With Tax Surgeons by your side, you can navigate the complexities of taxation with confidence and precision.
HMRC Cummunications
Tax Surgeons are your comprehensive solution for all things tax-related. As your trusted tax agents, we'll handle all communications with HMRC on your behalf, ensuring your tax matters are managed seamlessly and efficiently.
With us in your corner, you can kick back, relax, and rest assured that your tax affairs are in expert hands. Say goodbye to the stress of dealing with HMRC bureaucracy—we've got you covered every step of the way.
Let us take the reins and streamline your tax journey, so you can focus on what matters most to you, your business. Get in touch with Tax Surgeons today, and let's simplify your tax experience together.
Tax Surgeons Tax return service
Experience our seamless and comprehensive tax return service, where we guide you through a hassle-free process:
Tax Return Checklist: We provide you with a thorough checklist, simplifying the process of gathering all the necessary information.
Personalised Tax Return: Using the information you provide, we meticulously complete your Personal Tax Return, ensuring accuracy and compliance.
Tax Bill Calculation: To avoid penalties and interest, we calculate your tax bills and payments with precision.
Tax Reduction Advice: Our experts advise you on potential claims and elections to minimise your tax bills, making necessary claims and elections with HMRC upon your instruction.
Submission with Approval: With your written approval, we swiftly submit your Personal Tax Return to HMRC.
Electronic Filing: We electronically file your tax return, providing real-time confirmation of HMRC's receipt. Plus, if you're eligible for a tax refund, you'll receive it much faster.
Verification and Refund Initiation: We meticulously review HMRC's calculation of your tax bills and initiate repayment claims for any overpaid amounts.
Electronic Refund Transfer: Provide us with your bank account details, and we'll seamlessly transfer any refunds directly to your account.
Effortless Communication: We handle all communications related to your Tax Return directly with HMRC or forwarded to us by you, ensuring a stress-free experience.
With Tax Surgeons, your tax matters are in expert hands. Experience peace of mind and efficiency as we navigate the intricacies of your tax return. Contact us today to get started on simplifying your tax journey.
Need expert help with a Self Assessment issue?
Speak to one of our qualified accountants to see how we can help you.
Who Needs to File a Self Assessment Tax Return?
In the UK, navigating the tax landscape can be complex, but at Tax Surgeons, we're here to guide you through it. Wondering if you need to file a Self Assessment tax return? Here's what you need to know:
Self-Employed Individuals: If you're your own boss, you'll likely need to file a Self Assessment tax return to report your earnings.
Landlords: Generating income from rental properties? You'll need to declare it through a Self Assessment tax return.
Directors of Limited Companies: Running a company? As a director, you're responsible for your own tax affairs, which means filing a Self Assessment return.
High Earners and Complex Tax Affairs: If your financial situation is more intricate or you earn above a certain threshold, filing a Self Assessment tax return is a must.
Claimants of High-Income Child Benefit Charge: Receiving child benefit and have a £50,000+ income? You'll need to include this in your Self Assessment.
Those with Capital Gains: If you've made gains from selling assets like property or investments, reporting them through a Self Assessment is necessary.
Remember, criteria for filing may vary, and changes in personal circumstances can impact your tax obligations. That's why consulting with a tax professional or checking with HMRC is essential for personalised guidance. Self-assessment tax returns serve as a means for individuals to declare their income and calculate their tax liability accurately. By filing promptly and accurately, you ensure compliance with HMRC regulations, avoiding penalties and potential legal ramifications.
Notification of chargeability
Individuals who become liable for Income Tax or Capital Gains Tax for the first time must notify HMRC within 6 months after the end of the tax year in which they become chargeable. This is done through registering for self-assessment.
Notification must be made within six months after the end of the tax year in which they become chargeable, by 5th October.
Registering for self-assessment is necessary to file a tax return.
A Unique Taxpayer Reference (UTR) number is required for self-assessment, which is obtained by submitting a registration form to HMRC.
It can take up to 6 weeks for HMRC to issue a UTR number.
Failure to notify HMRC or to file a tax return on time can lead to penalties.
Submission deadlines
The deadline for submitting your tax return to HMRC is typically by midnight on 31st January following the end of the tax year. For example, for the tax year ending on 5th April 2023, the deadline for submission would be 31st January 2024. It's important to adhere to this deadline to avoid penalties for late submission, ensuring compliance with tax regulations and maintaining peace of mind.
Late return penalties
Failing to submit your tax return by the deadline set by HMRC can result in financial penalties. The penalty for filing your tax return late typically starts at £100, even if there is no tax to pay or if the tax due has already been paid. Additional penalties may accrue the longer the delay persists.
Therefore, it's crucial to meet the deadlines to avoid unnecessary financial penalties and ensure compliance with tax regulations.
Payment on account
Two payments on account are made on 31 January and 31 July after the tax year.
These are 50% of the previous year’s tax due but only apply to income tax, not Capital Gains Tax.
Payment on account is not required if:
Tax due for previous year < £1,000, or
80% of tax is collected at source
Payment due in respect of a simple assessment is due on 31 January after the tax year.
Register for Self Assessment
Registering for self assessment is a fairly simple process, but can get tricky if you are unfamiliar with the process. Follow our guide below to help you navigate the process and be ready to file your next tax return.
Step 1: Create a Government Gateway account
You’ll need a Government Gateway account to sign up and use most online tax services. Head to HMRC online services: sign in or set up an account. Sign up with your full name, email and password, and your user ID will be sent to the email address you provided.
Step 2: Add a Tax
Once you’ve logged into your Government Gateway account, you’ll see the options across the top, select “business tax account”. From this page, you will be able to select “get online access to a tax, duty or scheme.”. Now you can select and register for self assessment.
Step 3: Select Self Assessment for Individual/Sole Trader
From the list you can select and register for self assessment for individual or sole trader. It’s important you select this one as there are different rules for setting up other types of businesses. Once registered your Unique Tax Reference (UTR) will be sent out to you.
What happens next?
HMRC will send out 2 letters, one containing your new UTR, and one with an activation code for your newly added tax, you will require this code to activate your account online.
You can then sign into your Personal Tax Account, which is where you’ll find information like what your tax code is, how much tax you owe, when your next Self Assessment is due and what tax you’ve paid in previous years.
Deadlines
Make sure you tell HMRC about your sole trader status by 5th October in your second tax year. For example, if you start your business in November 2023:
Your first tax year runs 6th April 2023 to 5th April 2024
Your second tax year runs 6th April 2024 to 5th April 2025
The deadline to register using this example is 5th October 2024. The online tax return filing deadline for this example would be 31st January 2024.
Tax Surgeons Services
At Tax Surgeons, we offer a wide range of comprehensive tax and accounting services to meet all your financial needs.
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Contact us today to see how we can assist you in achieving your financial goals.
Get in touch
Please get in touch to tell us a bit more about you and the tax issue you are facing, or if you would like to learn more about the range of services we offer.
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