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Self-Assessment Tax Return

The UK taxation authority HM Revenue and Customs (HMRC) has this 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 can determine your residency by the Statutory Residence Test), you need to fill in and send your return by the established deadline.

Deadline for SA return

After the end of a tax year which is 5thof 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 return?

You are required to fill in and send a return if, in the last tax year (6 April – 5 April):

  • 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.

How we work

We strongly recommend our clients to use expert advice and help from our specialists; it will save you time and they will support you in the following:

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

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