Self-Assessment is a system used by HMRC to collect income tax.
Income tax is often deducted “at source” on wages, salaries, pensions and savings, this means it’s taxed before you receive it. People and businesses with “other income” report their tax payable to HMRC via a self-assessment tax return.
If you have income you need to report to HMRC in a self-assessment tax return, you need to register for self-assessment with HMRC. There are different ways to register depending on the reason for your registration. You can set up an online “Personal Tax Account” with HMRC – here you can view a wealth of information about your personal taxes.
Some of the reasons you might need to submit a self-assessment tax return are;
- You are self employed
- You are in a partnership*
- You have received dividends
- You are a company Director
- You have income from rental property
We pride ourselves in making self-assessment as simple as possible for our clients. We provide a variety of services, depending on the individual requirements. We can;
- Provide an accounts service (that would link to the accounts section) where we prepare accounts for your self-employed work / your partnership / your rental income. We can then use these accounts to prepare and submit your self-assessment tax return.
- Take your own calculations and use them to prepare and submit your self-assessment tax return.
- Support you in submitting your own self-assessment tax return – you may choose to use software to do this. We can provide training for this, if you prefer to do your own taxes.
*Depending on the type of partnership you have, you may need to prepare and submit a Partnership Tax Return (SA800) to HMRC in addition to your personal tax return. We can also prepare and submit partnership tax returns for you.
Good To Know
If you need to submit a self-assessment tax year for yourself or for a partnership, the deadline for online submission, and for payment of any tax due, is 31st January after the end of the tax year.
For example, you began your self-employment in November 2017. This means you had income from self-employment in the tax year 6th April 2017 to 5th April 2018. You would need to submit a tax return for that tax year and that would be due to HMRC, along with any tax payable, by 31st January 2019.
Sometimes, you will be required to make payments on account towards your current year’s tax bill. You can find out more about the payment on account system here.
We like to get to know how we can help you through this process in our free consultation – each client’s needs are different, so we provide the services that are right for you.
Don’t just take our word for it!
We chose to work with Caroline Hinde Accountancy because we wanted to have a real-time view of our business performance, rather than months after the year had ended. Having this information has enabled us to take informed decisions which has enabled a period of growth for us.
Knowing that everything is taken care of on a monthly basis gives us huge peace of mind and we always know well in advance of our tax liabilities so we are always in control of our cashflow. We now use the software recommended to us to send our customers invoices which look professional and make it easy for us to monitor any outstanding invoices.
The service we receive from Caroline Hinde Accountancy is invaluable - they're approachable, friendly and professional.
Caroline has recently finished my accounts for me. She has done an excellent job of pulling everything together and I felt both relieved and confident, that they were submitted correctly.
I am so pleased that I asked for Caroline's assistance in helping me with my accounts. Even though I'm just a small business, it was nice to have that reassurance, that everything has been done correctly. It was money well spent!
I found Caroline to be very approachable and helpful in her advice. A lovely person to work with - thank you!
A fabulous accountant with a personality and a sense of humour? An oxymoron I hear you cry! But not at all. Caroline Hinde is all of that!
For a small business owner like me who knows next to nothing about self assessment and has no inclination to further their knowledge, what I need is someone who simply takes care of it all. That’s exactly what I got from Caroline; she is efficient and friendly and is incredibly knowledgeable. Nothing is too much trouble and she has taken all the stress out of the whole process for me.
I can’t praise Caroline highly enough and would recommend her to anyone I know and indeed have done so whenever I can. Look no further than Caroline, and you will not be disappointed.
I have found Caroline to be highly professional, efficient, knowledgeable, friendly, and helpful in my dealings with her, and have no hesitation making a recommendation.