Self Assessment Tax Returns

This is another name for the tax return that an individual submits to tell the Revenue (HMRC) about their earnings to the 5th April each year. Not everyone has to submit one but anyone who is aware that they are receiving income that has not been taxed should notify HMRC that they need to prepare a tax return in order to declare it.

What HMRC do not highlight to the ordinary worker is that an employee who travels a lot of business miles in their own car and receives less than 40p per mile in expenses will be able to claim a tax repayment – don’t miss out on this opportunity.

Self Assessment forms can be extremely confusing and errors can easily be made by someone not comfortable with them. If you decide to submit a manual form this must be with HMRC by 31st October, otherwise they can be filed online by 31st January. I can help you with either of these options.

If you are a sole trader then you must prepare a tax return each year, and also have to pay National Insurance Contributions too throughout the year and at the end of the year (subject to earnings).

If you are in partnership with someone then you may need to prepare a separate partnership tax return as well as your own return, and all must be registered in good time in order to avoid penalties.

There are a lot of rules and regulations so please give me a call or e-mail me and I can help you through the minefield to ensure that all can run smoothly between you and the taxman!

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