tax self-assessment
Need to submit a self-assessment?
Self-assessment is a system HMRC uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. Individuals and businesses with other income must report it in a tax return.
You have to submit a tax return if in the last tax year running from April to April the following year if you were:
- Self-employed as a sole-trader and earned more than £1,000 (before tax reliefs)
- A partner in a business partnership
- Company director
- An individual with untaxed income from other sources such as property, savings, investments
The deadline for submitting online returns and paying any tax due is the end of January. If you fail to submit and pay by the deadline date, HMRC can impose an immediate penalty of £100.
Making things brighter for you...
Take the stress out of preparing and submitting your tax return by getting in touch to see how we can support you.
