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Most of us pay income tax.
Income tax is usually deducted automatically from your wages and pensions. However, you may be required to prepare and send to HM Revenue & Customs (HMRC) a self-assessment tax return each year. A tax year runs from 6 April to 5 April! Common reasons to need to complete a self-assessment tax return include:
- You are self-employed, as a sole trader or a partner in a business partnership.
- Your total taxable income exceeds £100,000.
- You have capital gains tax to pay.
- You receive income from renting property, savings, investments, and dividends.
- You receive foreign income.
What do you need to do?
Speak to us! You must tell HMRC by 5 October following the end of the tax year if you need to complete a tax return for the first time. We can register you with HMRC on your behalf, saving you an unpleasant fine.
What happens next?
You need to fill in your self-assessment tax return. Again, speak to us. We will explain what we need from you to do this on your behalf. This return must be sent to HMRC by 31 January (together with any outstanding tax payment) but the earlier you can start talking to us the better…for us both!
What if I have not filed my return on time?
You will receive a late filing penalty of £100, this will increase the longer you wait to file your return. You will also pay interest on any tax not paid by 31 January. However, you should still speak to us, there may be opportunities to appeal any penalty.
What if I want to change an earlier return?
Don’t worry, we can do this too. Just call us, and we will do the rest.
What if I need to complete a return for someone who’s died?
Sadly, death does not remove the need to file a self-assessment tax return. Use the (tell us once service) to let HMRC know about the death and then speak to us. Our team will support you. This is a hard time in your life, we will work to remove layers of stress and make it easier.
My tax bill is huge, can I do anything?
The answer is usually ‘yes’. There are strategies available to help reduce the amount of income tax you pay through sensible, bona-fide planning. Talk to us to make use of reliefs available, including but not limited to:
- Personal tax rates.
- Personal allowances.
- Children allowance.
- Gifts to charity.
But please remember, it is always best to consider personal tax planning early. 31 January is not the day to have those conversations!