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Self-Assessment tax return Online?
Self-Assessment tax return is a set of forms that you complete to report your income to HMRC. You usually do not submit a tax return if your income is taxed under PAYE unless it exceeds £100,000..
Self-Assessment Tax Returns have a relatively extended deadline, usually by January 31st of the following year, but still, many people leave it till the last minute. It is recommended to hire a Self-Assessment accountant to ensure the correct and timely submission.
Self-Assessment accountants are highly trained professionals with the knowledge to accurately assess and file returns while providing detailed advice on tax planning.
Whether an individual has been self-employed for many years or is just starting, Self-Assessments should not be taken lightly, as there can be harsh fines resulting from errors or late submissions.
Hiring a Self-Assessment accountant proves invaluable as they will help navigate this complex process while ensuring individuals adhere to any deadlines associated with Self-Assessments.
Experlu nurtures the relationship between you and your accounting buddy throughout. Our support believes in giving a full-proof resolution with the least turnaround time. In the first stage, we offer a single-step resolution, but if you need further help, we offer live calls and e-mail support.
- What is self-assessment?
- What can a self-assessment accountant do?
- Who needs to fill in a Self Assessment tax return?
- How can an accountant help to fill in a Self Assessment tax return?
- What if you can't pay your tax bill?
- What if your tax return is late?
- Information required when filling in your UK Self-Assessment Tax Returns
- What if I am struggling to afford my self-assessment tax payment?
- Can I amend my tax filing after submitting it?
- When is the deadline for submitting a self-assessment tax return?
What is self-assessment?
The term self-assessment refers to a system for taxpayers to report their income, gains, and other taxable or untaxed income to the HM Revenue and Customs (HMRC) for tax purposes. It is typically used by sole traders, self-employed, and individuals with income from various sources other than employment.
Self-assessment tax returns must be completed by taxpayers annually, and they are responsible for ensuring that the information they submit is accurate.
The tax return can be filed online or by post.
What can a self-assessment accountant do?
An accountant will compute your taxable income from all sources, deduct any allowances, claim any expenses and calculate your overall tax liability.
Anself assessment accountant will ensure that you report all information and submit the return on time. They will also play an active part in tax planning to ensure taxes you pay now and in future are optimised.
Who needs to fill in a Self Assessment tax return?
A self-assessment tax return must be completed by any individual paid outside of the PAYE scheme or has received additional untaxed income on top of their PAYE.
In most cases, full-time employees pay income tax and NI before receiving their monthly salary and will not be required to pay additional tax unless their salary income is over £100,000.
You will generally be required to submit a tax return if any of the following applies:
- Self-employed or sole traders
- An administrator of a deceased’s estate
- A company director with income not taxed under PAYE
- A minister of religion
- A trustee
- A partner in a business partnership
If you’re on PAYE, you may need to complete Self Assessment if:
- you have income from land or property in the UK
- you have capital gains to report
- you have received taxable foreign income over £300 a year
- you have received income from a trust or settlement
- your annual income exceeds £100,000
- you receive £2,500 or more from untaxed savings and investments
- your income is over £50,000 and you or your partner have received child benefit payments
- Your State Pension was your only source of making money and was more than your personal allowance
- You received a P800 from HMRC stating that you didn't pay enough tax the previous year
- Or HMRC asked to you complete a self assessment tax return.
How can an accountant help to fill in a Self Assessment tax return?
An accountant can help to fill in a Self Assessment tax return by:
- Ensuring the accurate recording and accounting of all income and costs.
- Determining and claiming all allowable reliefs and deductions.
- Ensuring that the return is submitted accurately and completed on time.
- Guidance on tax planning strategies to reduce tax liabilities.
- Dealing with any correspondence or queries from HMRC.
What if your tax return is late?
If you submit your tax return after the due date, you will immediately be charged £100, and the penalties increase over time. Any unpaid taxes that you owe could potentially subject you to late charges.
Information required when filling in your UK Self-Assessment Tax Returns
When filing tax returns, it's essential to have all the necessary data ready. Here are some key things to keep on hand:
- A breakdown of all earnings, if you're self employed
- All P60’s, if you have multiple employments
- P45 if you have switched employers
- Information on any dividends received
- Interest earnings
- Partnership profits
- Rental property earnings
- Foreign earnings sources
- Contributions to your pension plan
- Gift aid received
- Unemployment benefits or redundancy lump sum payments
- Account payments made
- Gains from trading in stocks, shares, cryptocurrencies
- Gains on sale of property
- Your P11D form from your employer
What if I am struggling to afford my self-assessment tax payment?
You can propose a payment plan which is affordable to HMRC by calling 0300 200 3822. This is another method for paying tax payments quarterly or monthly. HMRC will verify this on a case-by-case basis and can request further data.
Can I amend my tax filing after submitting it?
If you find a mistake, you have up to a year after the filing date to fix it via the HMRC web portal. After a year, you must write to HMRC to explain your situation and ask for a change.
For updating a paper tax return, it is necessary to obtain a fresh copy of the return and send it via mail to HMRC. It is important to clearly indicate any changes by writing "Amended" on each page that requires modifications. This will ensure that the necessary updates are made and that the tax return remains accurate and up-to-date.
When is the deadline for submitting a self-assessment tax return?
The deadline for completing a self-assessment tax return online is January 31, following the end of the tax year. For instance, the deadline is January 31, 2024, for the tax year that ends on April 5, 2023.