What is a Self-Assessment?
The most basic question, yet most important of all. Simply put, a Self-Assessment (or Personal Tax Return) is used by HMRC to calculate income and collect the right amount of tax from individuals that earn an additional income. Declaring income and submitting your self-assessment occurs annually and is a very important process.
Do I need to do a self-assessment?
If you are a sole trader, or a partner or director in a limited company earning an income not taxed at source – you will have to fill out a self-assessment form. Individuals that earn additional income from say property income or investments will also be required to complete a self-assessment return. Any other income you receive which has not been taxed may require you to fill out a self-assessment form.
What are the deadlines?
The deadline to register for the 2021 self-assessments is the 5th of October 2021. Paper self-assessments are due on the 31st of October at midnight, and online self-assessments are due on the 31st of January 2021 at midnight (the tax payable must be paid by this date as well). All these dates can be confusing, and the worst thing you can do is leave it until the last minute and end up incurring a filing penalty.
What is the filing penalty?
The initial penalty is £100. This is for a self-assessment which is up to three months late, but this will increase after three months if you still have not sent it in.
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If you are confused or need help completing your self-assessment tax return, let us help! Sign up to QAccounting's personal tax return service today and ensure your accounts are in order.
What happens if I make a mistake in my self-assessment?
If you make a mistake when filling out your self-assessment, then you will have to fix this before the 31st of January 2023. If you filed your self-assessment online this can be amended on the HMRC website however if it was a paper copy you sent, you will have to redo the whole process and write amended on each piece of paper. You will either have to pay more tax, or you will be refunded what you are owed.
Can QAccounting do my self-assessment for me?
Yes! Yes, we can. In fact, annual self-assessments are included in ALL of our packages. So, if you really can’t be bothered trying to figure it out or remembering to get it in on time, as a QAccounting customer, you don’t have to. We also offer Self-Assessments as a one off service for a fee of £150+VAT. For more information about this, contact us via email firstname.lastname@example.org or call us directly on 01162437868.
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