A large quantity of people in the UK pay their tax through PAYE, so employers deal with their tax compliance, however anything other than normal circumstances require that you file a self assessment tax return.
This could include earning over £50,000 and claiming child care tax credits, which will subject you to the higher income child benefit charge and require a tax return to be filed, or simply earning over £100,000 per annum.
Furthermore, becoming a director of a limited company, or a change in circumstances pay push you into self assessment. If you are unsure whether you need a self assessment tax return to be completed, we can help.
Otherwise, OS Accounting looks after the self assessment filings of most of it’s clients making sure that you comply with the law, and have a clear outline of what tax to pay and when to pay it.
There are plenty of people who complete their own self assessment tax returns, or have someone else doing it for them. We are experienced in making sure that you are maximising any reliefs due to you, and helping you plan to make sure that you pay the right tax every year.
If you are concerned that you should be doing a tax return, or are looking for someone to help with your tax return completion, please contact us.
Do I need to do a self assessment tax return?
If HMRC have requested that you complete a tax return, you must file a return by the 31 January following the tax year they have requested. You may have notified HMRC of a change of circumstances (such as becoming self employed), or you may have had a change of circumstances that HMRC do not know about, such as claiming child tax credits and earning over £50,000 or earning more than £100,000. If that is the case you will need to notify HMRC and submit a tax return
What is HMRC Self Assessment?
Self assessment is the process of reporting income and earnings to the UK tax authorities, and calculating how much income or capital gains tax is due. It is a legal requirement of UK tax payers. You may be exempt from self assessment if you are paid only through PAYE, and there are no special circumstances that apply.
Will HMRC tell me if I need to do a tax return?
No, HMRC will not. If you are already registered for self assessment and they expect you to submit a tax return then you will get a reminder, however HMRC operate an honesty system and it is your responsibility to inform and submit a tax return to HMRC, and settle any tax due, regardless of whether HMRC expect one.
When should I do my self assessment tax return?
You may prepare a self assessment tax return as soon as the tax year has passed. The financial year runs from 6 April – 5 April each year, so you can prepare a tax return any time after that date, but you must ensure that it is submitted by the following 31 January, as well as pay any tax due.