Preparing a return though not difficult requires a fair amount of knowledge and involves lots of complexity. If not done correctly, you may also be subject to financial penalties for inaccurate filings or for not submitting your returns on time.
Our team of Chartered Accountants can provide you with a confidential and friendly service and who can take care of determining all of your annual tax liabilities, annual accounts statements, HMRC’s investigations & inquiries whether for business or for self-employed individuals looking to file self-assessment returns.
Care Accountancy can also help you understand the self-assessment tax returns, the requirements and methodology of self-assessment tax returns and online filings, or any other exclusive tax compliance services to complete your tax returns accurately and within the prescribed time frame.
What is self-assessment?
Self-assessment is the process of filing your tax return, whether online or through a paper-based return. Self-assessment is the process by which you declare the amount of money earned by you during a particular year and specific other details about your financial situation. Based on your earnings, the amount of tax liability and the National Insurance (NI) amount that you need to pay is determined.
You can do your self-assessment yourself or engage the services of an accountant to do it for you, who can complete it more accurately quickly and also ensure that you pay the right amount of tax.
You must file your self-assessment tax return online no later than 31 January, falling after the end of your tax year ending 5 April, which is also the due date for your tax payment. If your earnings are similar over the year, you may be able to pay the tax on the account into two payments first payment is due on 31 January, and the second payment is due on 31 July.
Who should file a self-assessment tax return?
If income tax on your earnings is already deducted at source when your salary is paid through a PAYE payroll system or by drawing pension income, you do not usually need to fill in a self-assessment tax return.