What is Self Assessment?
Self Assessment is the process by which individuals and businesses report their income, expenses, and other relevant financial details to HM Revenue and Customs (HMRC) to calculate their tax liability. If you’re self-employed, a business owner, or have income not taxed at source, you are required to complete a Self Assessment tax return each year.
Who Needs to File a Self Assessment Tax Return?
You may need to file a Self Assessment tax return if:
- Self-Employed Income: You are self-employed as a sole trader and earned more than £1,000 (before deducting allowable expenses).
Learn more: “https://www.gov.uk/self-employed-records“ - Rented Income: You earn income from property rentals, whether residential or commercial.
Learn more: “https://www.gov.uk/renting-out-a-property/paying-tax“ - PAYE Income: You have additional untaxed income to report, such as freelance work or rental income, even if you are on PAYE (Pay As You Earn).
Learn more: “https://www.gov.uk/check-if-you-need-a-tax-return“ - Business Partnerships: You are a partner in a business partnership.
Learn more: “https://www.gov.uk/set-up-business-partnership“ - Investment and Savings Income: You have income from savings, investments, or dividends that needs to be declared.
Learn more: “https://www.gov.uk/tax-on-dividends“ - Foreign Income: You receive income from abroad that requires reporting to HMRC.
Learn more: “https://www.gov.uk/tax-foreign-income“ - Child Benefits: You receive child benefits, and your income (or your partner’s) is above £50,000.
Learn more: “https://www.gov.uk/child-benefit-tax-charge“ - Claiming Tax Reliefs: You need to claim tax reliefs or have other untaxed income to report.
Learn more: “https://www.gov.uk/claim-tax-relief“
For more information, visit the official HMRC Self Assessment page.
Deadlines to Keep in Mind
- Paper Tax Returns: Midnight 31st October.
- Online Tax Returns: Midnight 31st January following the end of the tax year.
- Tax Payments: Due by 31st January.
Learn more about deadlines and penalties on the HMRC Deadlines Page.
How Maak Accountancy Can Help
At Maak Accountancy, we take the hassle out of Self Assessment. Our expert team will:
- Prepare and submit your Self Assessment tax return accurately.
- Ensure you claim all eligible expenses and reliefs to minimize your tax liability.
- Keep you informed of important deadlines to avoid penalties.
- Provide personalized advice to help you manage your finances effectively.
Why Choose Us?
- Experience & Expertise: Our team has extensive knowledge of UK tax regulations.
- Stress-Free Process: We handle the entire process, ensuring it’s completed accurately and on time.
- Affordable Services: Quality services at competitive prices.
Get in Touch
Need help with your Self Assessment? Contact us today at info@maakaccountancy.co.uk or visit us at 152 Station Road, Birmingham B33 8BT.
Let Maak Accountancy handle your Self Assessment, so you can focus on what you do best.