Self Assessment Tax Return

If you are you self-employed, in a partnership, landlord or work under CIS construction industry scheme. You may be required to submit annual (HMRC) self assessment tax return also known as SA100.

Self Assessment Tax / HMRC Self Assessment
By Total Tax Accountant

 SELF ASSESSMENT TAX

Importance

There may be several other reasons to send in a self assessment tax return besides only declaring income. You may be required to send in a tax return in order to report Capital gains, claim income tax relief or applying for a maternity allowance.

Tax Deadline

There are different deadlines for different types of return i.e paper tax return must be sent by 31st October every year, whereas the electronic tax return deadline is 31st January each year. This is also the same date where all your income taxes and national insurances due to be paid in full to avoid financial penalties.

 SELF ASSESSMENT TAX

So what are you waiting for ?

If you fail to send in your self assessment tax return in time or not sent at all HMRC can penalise you financially and these penalties can be as high as £1,200 for late filing plus loss of revenue fines including interest charged. How much penalties you may receive depends on individuals circumstances.

At Total Tax Accountants, we can help you with all sort of self-assessment tax returns and assist you with effective tax planning to avoid big tax bills. We can also make sure that your tax returns are submitted within the deadline to avoid penalties. Get in touch with our expert tax advisers to deal with your enquiries effectively.