What is a Self Assessment tax return?
A Self Assessment tax return is a form which allows people who make income which isn’t taxed at source (for example through Pay As You Earn) to calculate their taxable income and gains, and pay their income tax and National Insurance contributions to HMRC.
The Self Assessment tax return is an online form available via the GOV.UK website. You’ll need a Government Gateway ID or GOV.UK Verify account to register for Self Assessment and receive a Unique Taxpayer Reference number (UTR). It’s easy to give authority to QAccounting to prepare and submit your Self Assessment on your behalf.
In some cases, you can submit a paper version, but it must be submitted early and it’s not as straightforward as doing it online.
Who needs to file a Self Assessment tax return?
It is not just self-employed workers who need to file a Self Assessment tax return. Anyone who makes untaxed income needs to declare it to HMRC using the Self Assessment process. This can include people who receive special grants, commission investment income or even foreign income.
If any of the following apply to you, you’ll need to complete a Self Assessment:
- You’re a sole trader
- A partner in a business partnership
- You receive rental property income
- You get tips and commission through your employment
- You make income from savings or investments
- Some or all of your income is from dividends
- You received COVID-19 grant or support payments, including the Self-Employment Income Support Scheme (SEISS), test and trace or self-isolation payments, the Coronavirus Job Retention Scheme (CJRS), Eat Out to Help Out, Coronavirus Statutory Sick Pay Rebate, Coronavirus Business Support Grants.
- You receive foreign income – such as foreign investment income or rental income from a property overseas.
- If yours or a partner’s income is over £50,000, you may need to send a Self Assessment tax return and pay the High Income Child Benefit Charge.
Get help with self assessments
Regardless of whether you're a tradesman, run a hairdresser, or work in IT, QAccounting has the right accountancy solution for you. Our accounting services are tailored for people like you, and we have experience and expertise in supporting businesses up and down the country.
Why choose QAccounting to prepare and submit your annual Self Assessment tax return?
Even one wrong figure on a Self Assessment form can come back to bite you. Careless errors as a result of rushing or lack of knowledge can lead to penalties and time-consuming HMRC inquiries. By leaving it to QAccounting, you can relax knowing your accounts will be accurate.
Never miss the deadline
Although some leniency was given for the 2020-21 tax year, there are usually penalties to pay when your Self Assessment is filed late, including late fees and interest which is applied to outstanding balances. We’ll make sure your Self Assessment is filed in a timely manner.
Saves you time
Most people are busy these days, and we doubt you’ve got days to dedicate to your Self Assessment. At QAccounting, we give you time back by taking the task off your hands – as well as the associated stress, too.
Maximise your tax savings
You may be compliant when filing your own tax return, but there’s a good chance you’re not identifying and making the most of opportunities to legally and legitimately bring down your tax bill. QAccounting will make sure you’re not over-paying on tax.
Help you plan ahead
If you’re a sole trader having cash flow problems or general issues with your finances, it can seem daunting when it’s time to calculate and pay your tax. QAccounting can help you liaise with HMRC and set up a repayment plan of any overdue tax.
We give you a fixed price
The price you’re quoted is the price you’ll pay for the preparation and submission of your Self Assessment tax return. There are no hidden charges or overtime fees.
Dedicated 1:1 support
QAccounting will match you with a dedicated account manager who will take the time to understand your individual requirements and take care of you every step of the way. Your dedicated accountant will have experience in the area you need, too – whether that’s sole trader income, CIS, property portfolio income, overseas income or something else.
If you’re new to Self Assessment, you might have some questions or confusion around the process. At QAccounting, we support hundreds of clients to submit their annual Self Assessments accurately and on time. Our friendly team will guide you through the process, explaining what you need to do in a clear, jargon-free manner.
What is the timeline for Self Assessment tax returns?
- 31 January – Self Assessment deadline (for both form filing and payment of any tax or NI due)
- 1 February – interest begins to accrue on any outstanding tax bills
- 28 February – last date to file late tax returns online to avoid a penalty
- 1 April – last date to pay any outstanding tax (or make a Time to Pay arrangement with HMRC to avoid a late payment penalty)
- 1 April – last date to set up a self-serve Time to Pay arrangement online.
With QAccounting, you don’t need to worry about your Self Assessment deadlines as we’ll take care of everything on your behalf. What’s more, allowing our friendly, expert team to prepare and submit your Self Assessment on your behalf comes with plenty of benefits for both you and your business.