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Introduction to Self-Assessment
Self-Assessment is a system utilised by HM Revenue and Customs (HMRC) to collect Income Tax and other taxes like Capital Gains Tax (CGT). While tax is usually deducted automatically from wages, pensions, and savings via the P.A.Y.E. system, the self-employed and individuals with untaxed income such as investment income and income from property must report their income through a Self-Assessment (SA) tax return. Besides these, there are over a dozen other categories of individuals required to complete a SA tax return.
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Important Dates.
It’s crucial to adhere to the deadlines set by HMRC for submitting your tax return and paying any tax owed. The deadlines vary based on how you choose to complete your tax return – on paper or online. Here are the important dates you need to remember:
Paper Tax Return Deadline
Online Tax Return Deadline
Early Online Submission
Payments on Account
Payments on account are essentially advance payments towards your tax bill, including Class 4 NIC if you’re self-employed. Two payments are required every year unless your last Self-Assessment tax bill was less than £1,000 or you’ve already paid more than 80% of all the tax you owe.
The three-stage process is as follows:
A first payment on account is made by 31st January for the current tax year, which runs from 6th April to 5th April the following year. This is normally half your previous year’s tax bill.
A second payment on account, equal to the first installment, is then payable by 31st July (four months after the end of the tax year).
A final balancing payment, which is the bill calculated on the actual income returned for the tax year less the payments you have made on account, is made by 31st January the following year.
Ready to Simplify Your Self-Assessment Process?
Whether you’re a startup finding your footing, a small to medium-sized business aiming to scale, or an individual seeking tax advice, our team of dedicated accountants is here to guide you every step of the way.
Here's How We Can Assist:
Our expertise enables us to provide clear, informed guidance tailored to your financial situation.
Our meticulous approach encompasses a thorough review of your financial statements, ensuring they are complete, correct, and prepared in accordance with the prevailing tax laws.
Why Choose Us
How Can MJ Accountants Help?
Navigating the Self-Assessment process can be complex and time-consuming. At MJ & Co Accountants, we offer expert guidance.
Tax compliance entails adhering to the tax laws and regulations set forth by HMRC. We diligently ensure that your tax returns comply with all the requisite legal and procedural requirements.
Meeting the HMRC deadlines for tax return submission and payment is crucial to avoid penalties. We prioritize timely preparation and submission of your tax returns, ensuring that all deadlines are met.
Ready to Simplify Your Self-Assessment Process?
Whether you’re a startup finding your footing, a small to medium-sized business aiming to scale, or an individual seeking tax advice, our team of dedicated accountants is here to guide you every step of the way.
