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Self-Assessment Tax Return

Guidance for UK tax residents on how to stay tax-smart and pay tax bills

What is self-assessment tax return?

The UK taxation authority HM Revenue and Customs (HMRC) has a special self-assessment system that they use to collect income tax from individuals, including self-employed and company directors. If you are an employee on a payroll, with no other income worldwide (other than in the UK), you don’t need to send a return unless you’ve been told by the HMRC to do it.

If you are considered a UK tax resident in the reporting year, you need to fill in and send your tax return by the established deadline. If you are not sure whether you are resident or not in the UK for taxation purposes, you can determine your residency status by the Statutory Residence Test.

What is the deadline for submitting SA tax return?

After the end of a tax year which is 5th of April, you have 9 months, i.e. till 31 January next year to fill in and submit your return. The same deadline, 31 January, applies to paying your tax bill; any amount you owe for the preceding tax year (known as a balancing payment) and your first payment on account, if necessary. If you’ve missed your payment date, you can send your return anyway, but you will have to pay interest as well as a fine for late submission and delayed payment. HMRC will calculate the penalties based on how late you are.

Do I need to submit SA tax return?

You are required to fill in and submit a self-assessment tax return if in the tax year (6 April – 5 April) if you meet any of the following criteria:

  • You were a UK company director or self-employed
  • Your taxable income was over £100,000
  • Your UK untaxed income was over £2,500
  • You received income from renting out a property in the UK (even if you are not a UK tax resident)

It is not so easy to fill in a tax return and it requires certain expertise and time. It is not rare that taxpayers are fined for making mistakes in their returns or missing deadlines. The key things you should be aware of are expenses you can claim, what sections to fill out and which ones not and what information to provide. Another thing is paying your tax bill. Normally you would not have to pay the whole amount due in one go. You would be allowed to pay in instalments under a budget payment plan. However, you might not be allowed to use it if you have not paid your previous tax bill.

Our expertise

We strongly recommend our clients to file self-assessment tax return with the help from our tax specialists. With help from our experts you will save your time, never miss a deadline or pay too much tax. We will support you in the following:

  • Consult you on your situation and reply to your queries
  • Calculate tax you need to pay in different scenarios and help you select the best solution for your circumstances
  • Register you with the HM Revenue and Customs (HMRC)
  • Fill in and send your return to HMRC

Our specialist can help you with the trickiest details of Self-Assessment, from self-employment to foreign income. We will register you for self-assessment if you have not been before. We will make sure all the sections and supplementary pages relevant to you are filled out correctly. Our target is to safeguard your money while having you comply with all tax laws.

Need to file a self-assessment tax return?

Our tax experts have years of experience in helping clients to file their self-assessment tax returns. Contact us to get individual tax consultation.

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