What is Self Assessment?
Self Assessment is a system used by HM Revenue and Customs (HMRC) to collect Income Tax. Tax is usually deducted at source from wages, pensions and savings, but income earned from other sources must be reported on a tax return and any tax payable needs to be paid to HMRC by the due date.
When do I need to submit my return and pay any Income Tax due?
Paper tax returns need to be filed by 31 October following the end of the tax year but online tax returns can be filed up to 3 months later (by the following 31 January), by which date all Income Tax due must be paid. As with Corporation Tax, there are penalties for late filing of tax returns and interest will also be payable on overdue payments.
How can Downham Associates help?
Completing a Self Assessment tax return is not something that too many people look forward to and it can be a challenging and time-consuming task. Also constant changes to tax legislation make it hard for individuals to keep up to date and taxpayers risk incurring penalties through failing to complete their returns correctly. Therefore let Downham Associates take away the pain and stress of completing your tax return, thereby ensuring that everything is in order and filed on time. However, most importantly perhaps, we will try to minimise any tax liability by ensuring that all relevant allowances and deductions have been claimed and advising on any potential tax-saving opportunities.
