We help you determine whether you should register for Self Assessment. If you need to register for the 2019/20 tax year (6 April 2019 to 5 April 2020), you must register on or before 5 October 2020.
If you are already registered and you need to send a return, we can prepare and file your tax return online. Be aware the deadline for online tax returns is 31 January 2021. Alternatively, you can send a paper tax return by 31 October 2020 and pay the tax you owe by 31 January 2021.
Who must send a tax return
You will normally need to send a Self Assessment tax return if one or more of the following apply to you:
- You are self-employed (sole trader) and earn more than the trading allowance,
- You are a partner in a business partnership,
- You are a minister of religion,
- You are a trustee or the executor of an estate,
- You are a company director and you have income that is not taxed under PAYE,
or you have any other untaxed income, such as:
- Money from renting out a property,
- Tips and commission,
- Income from savings, investments and dividends,
- Foreign income, regardless of whether you are resident in the UK.
You will normally not need to send a tax return if your only income is from wages or pension. However, you will need to complete a tax return, if you receive other untaxed income where the tax due cannot be collected via your PAYE coding notice. In the meantime, you can choose to fill in a tax return:
- To claim some Income Tax reliefs,
- To prove you’re self-employed.
You will usually need to make two payments (twice a year) on account each year:
- 31 January (balancing payment) for any tax you owe for the previous tax year and your first payment on account,
- 31 July for your second payment on account.
If you need to send a tax return and you miss the deadline for submitting it or paying your bill, you will get a penalty and will be charged interest from the date the payment is due.
Self Assessment Accountants - Personal Tax Return
We offer a wide range of accounting services that can be tailored to your requirements, from bookkeeping to personal tax advice. Get in touch to find out how we can assist you and provide you with ongoing support.
We are small business accountants with the big picture in mind. Our cost-effective accounting services are designed to help your business reach its full potential.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice.
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