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Self Assessment Tax Returns

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According to HMRC, about 10.9 million people need to submit a self-assessment form. If you miss the January deadline and you haven't already filed a self-assessment tax return, contact us now to avoid a hefty fine.

Do I need to file a return?

If you received a notification since last April saying you need to submit a self-assessment form, then you must do it. If you fall into one of the following categories it's likely you'll need to file a return even if you have not received a notification:

  • You are self-employed
  • You are a company director
  • Your annual income is £100,000 or more
  • You have an income from savings, investment or property
  • You need to claim expenses or reliefs
  • You or your partner receive child benefit and your income is over £50,000
  • You get income from overseas
  • You have income from trusts, settlements and estates
  • You have capital gains tax to pay
  • You've lived or worked abroad or don't live in the UK permanently
  • You are a trustee
Self Assessment Tax Returns

Contact us now to submit the correct forms and information on time and avoid penalties!

What if I'm late paying?

If you're late making your payment on account you'll be charged 3% interest. This is on top of the minimum £100 fine for missing the deadline for filing your tax return. We can take all the worry and hassle away from completing and submitting your annual self assessment return to HMRC. All you need to do is make sure you pay the amount payable when you receive the notification letter.

Paying fines, or missing out on claimable expenses, can make the world of difference to your life. By letting us do the hard work, you can relax in the knowledge that we will prepare and submit your legal responsibilities on time and in compliance with HMRC regulations.

Frequently Asked Questions

What is a self assessment tax return in the UK?

A self assessment tax return is a system used by HMRC for individuals to report their income and calculate how much tax they owe. It is commonly required for self-employed individuals, freelancers, landlords, and company directors.

Who needs to file a self assessment tax return?

You may need to file a self assessment tax return if you are self-employed, receive rental income, earn income outside PAYE, or are a company director. HMRC requires individuals in these situations to report their income annually.

When is the deadline for self assessment tax returns?

The deadline for submitting online self assessment tax returns in the UK is usually 31 January following the end of the tax year. Filing on time helps avoid penalties and interest charges from HMRC.

How can an accountant help with self assessment tax returns?

An accountant helps prepare and submit accurate self assessment tax returns, ensuring all income and allowable expenses are included. Professional accountants also identify tax-saving opportunities and ensure compliance with HMRC regulations.

What documents are required for a self assessment tax return?

Typical documents include bank statements, invoices, expense receipts, records of income, and previous tax returns. These documents help accountants calculate taxable income and prepare accurate tax submissions.

What happens if you miss the self assessment deadline?

Missing the self assessment deadline can result in penalties from HMRC. The initial penalty usually starts at £100 and can increase if the return remains outstanding. Filing your tax return on time helps avoid unnecessary fines.

Can Westlands Accountants help with self assessment tax returns in Hull?

Yes. Westlands Accountants provides professional self assessment tax return services in Hull. Their team helps individuals prepare accurate tax returns, ensure compliance with HMRC rules, and identify opportunities to reduce tax liability.