Who should submit self assessment tax returns?
You must send a tax return if, in the last tax year, any of the following applied:
- you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- you were a partner in a business partnership
- you had a total taxable income of more than £150,000
- you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- you had to pay the High Income Child Benefit Charge
- Earned money from renting out a property
- received tips and commission
- Received income from savings, investments and dividends and foreign income
Why is it important to submit self assessment tax returns
You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill. You will be liable to pay a late filing penalty if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You will also be charged interest on late payments.
Complete your tax return
Calculate your tax liability
File tax return to HMRC
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