What Is Self-Assessment?
Self-assessment is the system used by HMRC to collect tax from individuals and businesses with other means of income, via an online or paper tax return.
You will need to complete a self-assessment if you are any of the following:
A director of a limited company
Employed and earning over £100,000
Earning over £50,000 and receiving child benefit
Receiving property income
Earning income that hasn’t been taxed
You may also need to complete supplementary pages for other income:
UK property income
Foreign income or gains
Strict Deadlines For Self-Assessment
There are strict deadlines for registering for self-assessment, different filing deadlines depending upon whether you file a paper tax return or online, and two key dates for paying tax. Not only do you need to complete the return correctly, but you also have to self-assess. That means calculating your tax liability. And that can be tricky if you don’t know what you are doing. Get it wrong, and you will have to pay a penalty and interest. You’ll get a penalty of £100 if your tax return is up to 3 months late; you’ll have to pay more if it’s later, or if you pay your tax bill late.
Rather than spending hours figuring out which pages to complete, what to put in the boxes, how to calculate any tax due and meeting the filing deadlines, let our complete bookkeeping solution take that hassle away. Don’t waste time or worry about getting things wrong we’ll do it all for you. We will calculate your tax liability and payments on account so that you know exactly how much to pay and when to pay it. We will also send you payment reminders by email so that you know when and how to pay your tax and avoid unnecessary interest and penalties.
Don’t risk incurring unnecessary costs. Let the Business Bookkeeper remove the pressure of filing your self-assessment tax return.