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Self Assessment Tax Return

Self Assessment (SA) is a system in the UK that HM Revenue and Customs (HMRC) uses to collect Income Tax.

If you are considered a UK tax resident in the reporting year, based on the Statutory Residence Test, then you need to fill in and send your tax return by the established deadline.

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 tax return unless you’ve been told by the HMRC to do it.

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

You’ll need to fill in and send a tax 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
  • Your received income from renting out a property in the UK (even if you are not a UK tax resident)

It is not an easy process to fill in a tax return, unfortunately; it requires certain expertise and time. It is not rare that taxpayers are fined.

For that reason, we strongly recommend our clients to use professional help from our specialists; it will save you time and they will support you in the following:

  1. Answer your questions
  2. Calculate tax liability for you in different scenarios and help you choose an optimum solution
  3. Register you with the HM Revenue and Customs (HMRC)
  4. Fill in and send your tax return to HMRC

To discuss your requirements, please contact our specialists or call us on +44 (0)203 490 41 21.

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