Self Assessment Simplified

Let us manage your self assessment tax returns utilising our professional experience to ensure your tax liabilities are minimised

Self Assessment Tax Returns.

The process of submitting a Self Assessment tax return involves declaring all sources of taxable income, expenses, and any other relevant financial information during a particular tax year. The UK tax year runs from April 6 of one year to April 5 of the next, and individuals must file their returns by set deadlines. Registration with HMRC is required before submitting a Self Assessment return. Usually, HMRC will send a Unique Taxpayer Reference (UTR) once you register, we will use this to file your tax return for you. Filing online means an immediate calculation of any tax owed or refund due, and reducing errors through automated checks.

We can assist self assessment taxpayers to calculate tax owed on income such as profits from self-employment, rental income, dividends, savings interest, and capital gains. We will advise on allowable expenses and reliefs to reduce taxable liabilities. It is important to keep accurate records throughout the year to support the information reported in the tax return. Failure to submit a Self Assessment tax return on time can lead to penalties and interest charges. Initial late-filing penalties are £100, increasing incrementally depending on the delay length, and interest applies to any unpaid tax from the deadline date.