Self-Assessment Tax Returns Made Simple
Self-assessment tax returns are a legal requirement from HMRC for directors or those who work as sole traders. The tax year runs from 6th April to 5th April each year. You must register for self-assessment by 1st October of the year of the tax return period.
Submission and payment to HMRC must be completed by 31st January of the following year. Your tax is calculated based on all earnings including PAYE, dividend, sole trader income, investments, interest, property income etc.
Self-Assessment Tax Returns Explained
In the UK, self-assessment is the system HMRC uses to collect Income Tax from individuals who do not have tax automatically deducted from their income. This includes sole traders, partners in a business partnership, landlords, company directors, and individuals with untaxed income such as dividends or capital gains.
If you fall into one of these categories, you are required to register for self-assessment and file a tax return each year, detailing your income and any allowable expenses or reliefs. The tax year runs from 6 April to 5 April, and your return must be submitted by 31 October (paper) or 31 January (online) following the end of the tax year. Payment of any tax owed is also due by 31 January, with a potential second payment on account due by 31 July.
Completing a self-assessment tax return can be complex, particularly if you have multiple sources of income, are claiming expenses, or have capital gains to report. Mistakes or missed deadlines can result in penalties and interest charges from HMRC.
At Arctic Accounting Limited, we simplify the process by offering a full self-assessment service. We begin with a thorough review of your income sources, ensure all relevant reliefs and deductions are applied, and prepare your return accurately. Before submitting electronically to HMRC, we carry out a final review to confirm everything is correct and complete.
Whether you're a first-time filer or looking to streamline the process, our expert team is here to make sure your tax return is submitted on time and with confidence. Avoid the stress and uncertainty—let us take care of your self-assessment so you can focus on what matters most.
Contact us today for friendly, professional help with your self-assessment tax return.