Self Assessment Tax Return

Whether you are self-employed, the director of a limited company or have received income during the tax year upon which tax is due, you have to complete and submit an HMRC tax return.

At Quay Accountants our professional and dedicated team of Chartered Accountants can save you time, stress and money by completing your self assessment tax returns form on your behalf.

What is a self assessment tax return?

If you’re self employed, you will need to submit a self assessment tax return (also known as an SA100) every year to HMRC.

A self assessment tax return is used to report your income, claim tax reliefs and allowances, as well as tax refunds to HMRC so that they can calculate how much tax you owe (if any!) from the earnings you declare in the form.

You will pay self assessment tax on money earned from your income, savings, pensions and various other benefits. You may also be taxed if you receive child benefit and your or your partner’s income was over £50,000!

As you can see, self-assessment tax returns can be complex, which is why we recommend utilising and employing the skills of a professional tax accountant.

What details are needed in the self assessment tax return form?

Before you fill out a tax return, you will need to have records of:

  • Your National Insurance number
  • Your ten-digit Unique Tax Payer Reference (UTR)
  • Records of your income
  • Records of any expenses relating to self-employment
  • Any contributions to pensions or charities
  • P60/P45 showing how much income you received

When is the self assessment tax return deadline?

Your self assessment tax is due for submission and payment at midnight on 31st January after your tax year ends. For example, for the tax year ending 5th April 2022, it will need to be submitted before 31st January 2023.

What happens if I miss the tax return deadline?

Anyone who misses the self-assessment deadline will automatically receive a £100 late penalties fine from HMRC, which increases until the return is filed.

You will receive a late penalties fine regardless of whether you owe tax or not. This is worked out as per the below and will be added to your tax bill.

  • 1 day late: £100
  • 3 months late: daily penalty of £10 up to a maximum of £900
  • 6 months late: 5% of tax owed or £300, if greater
  • 12 months late: 5% of tax owed or £300, if greater

If you are unable to pay a tax bill in full, then you should always submit the return by the deadline regardless, and then contact HMRC immediately to explain your circumstances.

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Self Assessment - Frequently Asked Questions

No, HMRC will not tell you if you need to a tax return. You need to decide whether you should register for self assessment and file a tax return.

The main criteria's for filling out self-assessment tax returns include:

  • Those who are self-employed (sole trader) and have earned more than £1,000 in the tax year
  • Anyone who is a partner in a business partnership
  • Landlords who receive rental income
  • Someone who receives investment income from savings, investments and dividends
  • People wanting to claim certain tax reliefs
  • Employees who receives child benefit and whose income or partner’s income is over £50,000
  • Anyone who has sold assets in the tax year, such as additional properties or shares
  • Employees who PAYE income is above £100K

Self-employed individuals are entitled to the same tax free personal allowance as those who are in employment.

This is currently £12,570 (for the 2022/23 tax year) and is the amount you can earn before you start paying income tax.

If you have registered for self-assessment, then you must complete a tax return each year.

At Quay Accountants, we can take away the headache of submitting your tax return. We ensure all your accounts are kept on top of and are filed accurately, giving you complete peace of mind.

Whether you are local to Manchester or based further afield, we can ensure that your tax returns are submitted correctly and with no penalties incurred. Plus with our many decades of experience our expert team of Chartered Accountants allows us to offer a dedicated self-assessment service so that we can handle even the most complex cases on your behalf.

To find out more about then services we offer, get in touch with our tax return accountants today!

Contact Us Today

Whether you are local to Manchester or based further afield, we can ensure that your tax returns are submitted correctly and with no penalties incurred. Plus with our many decades of experience our expert team of Chartered Accountants allows us to offer a dedicated self-assessment service so that we can handle even the most complex cases on your behalf.

To find out more about then services we offer, get in touch with our tax return accountants today!

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