Your Personal Income
The Self-Assessment tax year is from the 6th April until the 5th April the following year.
Self-Assessments need to be submitted by anyone who is Self Employed as a ‘Sole Trader’ and has earned over £1,000, a Partner in a business partnership, and if you are a director of a business.
Other circumstances where a self-assessment needs to be completed and submitted to HMRC are;
- Income from renting out property.
- Income from Tips and Commission.
- Income from savings, investments, and dividends.
- Foreign income.
- Income is over £100,000.
If you have received additional income and did not send a tax return for previous financial year, you will need to register with HMRC.
The Deadline is the 31st January
GMS Accountants can file the Self Assessment Tax Return on your behalf.
I will need records of your income, which will include, but not be limited to:
- Pay from employers - P60's, P45's or payslips
- Dividends received
- Self Employment income
- Savings Interest Received
- Pension income
I will also need a record of any tax already paid. We don't want you overpaying tax.
Finally a record of any applicable expenses. If you are unsure, please ask and I will advise.
Self Assessment Tax
I recommend filing your tax return as soon as possible after the 6th Apr, this is so that you have the time to save the money needed to pay your tax bill.
If you save money throughout the year even better, but I appreciate that this is not always possible due to unforeseen circumstances, therefore preparing and filing your tax return sooner, will prevent a last minute shock to the system.
General Tax Advice
If you have any questions about your self assessment, or want some general advice, please get in touch.
I am here to give you peace of mind.
