Self Assessment

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HMRC uses self-assessment to collect income tax from anyone who cannot pay this through Pay as you Earn.

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Do you need to file a self-assessment?

You will need to file a self-assessment tax return if you:

Are self-employed or a partner in a partnership.
Are in receipt of income in excess of £100,000.
Untaxed income including rental income.
Claiming pension tax relief at either higher or additional rates.
Receive a foreign income.
Have savings or investment income, before tax, of more than £10,000.
If your household claims child benefit where the highest earner is in receipt of income of at least £50,000.
Have a Capital Gains Tax liability over reporting requirements.

Get Help with:

HMRC statements

Communication with HMRC

Payment on account

Notices of coding

Important Self-Assessment deadlines

The self-assessment deadlines differ according to how you plan to submit it. Here are some key self-assessment dates to remember:

5 October – Make sure you’ve registered for self-assessment by this date.

31 October – All postal tax returns need to be filed to HMRC.

31 January – All online tax returns should be filed by this date.

Important tax payment deadlines

31 January – Balancing payment and first payment on account due

31 July – Second payment on account due

If you submit your tax return late. If your tax return is submitted after the deadline you will receive a £100 penalty from HMRC. If your tax return remains outstanding at 30 April, daily penalties of £100 per day for a maximum of 90 days can apply. Further penalties will arise where tax returns remain outstanding 6 and 12 months after the 31 January filing deadline.

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Top accountancy firm right here! I can highly recommend Ormerod Rutter.

“Top accountancy firm right here! I can highly recommend Ormerod Rutter. From the very beginning, Neil’s friendly and down to earth approach was just what I needed, in what can be a daunting task of sorting my tax return. His worldly advice and use of the whiteboard in his office, by drawing, and scribbling to help me make sense of paying tax, has been invaluable to me over the last 2 and a bit years. I have peace of mind knowing that the team at Ormerod Rutter are looking after everything for me. Thank you Neil & the whole team at Ormerod Rutter”

Chris, Social for Brokers