Self assessment
Expert guidance on all aspects of self-assessment
Self-assessment services from AKE
Self-assessment tax returns
If you’re self-employed, you will likely have to complete self-assessments and deliver tax returns. Tax returns can also be completed if you’re part of a partnership or limited company.
Completing self-assessments and tax returns can be challenging – and it pays to get expert, independent advice for self-assessment tax return dates and deadlines from our friendly team of accountants in Hertfordshire. HMRC can enforce penalties if you file incorrectly or miss deadlines, so it’s crucial to ensure tax returns are completed correctly, filed on time, and backup records retained for the appropriate period.
Tax legislation is constantly changing, increasing the risk of taxpayers facing penalties through late returns or incorrect information. Our team of chartered accountants in Hertfordshire, North London, Enfield and Barnet can help relieve the stress that comes with filing tax returns with HMRC.
We’ll complete everything you need before looming tax return deadlines and help take the stress out of paying the right amount of self-assessment tax.
What do our self-assessment tax return services offer?
Our professional, local team has years of experience helping Hertfordshire and London sole traders, directors, and individuals file accurate self-assessments and maximise tax relief.
You’ll never miss another tax return deadline, and as we are Chartered Certified Accountants, you can be confident that all documents will be completed correctly and efficiently. We’ll also provide expert advice in plain English, explaining complex jargon and answering any tax questions you have.
Although not all businesses need an audit, we recommend considering it anyway, especially if you own a new and growing business.
We can identify areas of your business at risk and those that can be improved. Auditing your business will also appeal to investors, knowing that your financial records are organised and compliant.
Along with self-assessment tax returns, we can assist with other areas, including:
- Identifying suitable tax planning opportunities.
- Negotiating with HRMC if facing penalties.
- Completing all tax computations.
- Advice on your tax liabilities.
- Dealing with correspondence from HMRC.
You must complete a self-assessment tax return if you:
- Are self-employed as a ‘sole trader’ and earned more than £1,000
- A partner in a business partnership
- You earned £100,000 or more
- You may need to complete one if you have any untaxed income such as money from renting out a property
What is self-assessment tax return?
Tax returns are documents that calculate and report an individual’s income and expenses. It includes how much tax you need to pay to the government. Tax returns involve calculating your tax liability and paying it back. It is usually completed once a year and can be a long, complicated activity for an individual.
Anyone who receives income that isn’t taxed at source must complete a self-assessment tax return. This includes self-employed, sole-traders, those in business partnerships and company directors.
Self-assessment documents must be filled out accurately and completed by the tax return deadline. This helps avoid penalties from HMRC for late filing and late payment.
It pays to know what you can claim tax relief on to avoid needlessly paying too much tax. Talk to our team for tax advice.
Self assessment tax returns FAQs
Self-assessment filing deadlines are different depending on whether you submit paper or electronic returns. If you miss a deadline, you may have to pay a penalty.
Check the Gov site for deadlines.
If you’re worried about missing self-assessment tax return dates, contact our friendly, helpful team of chartered accountants, and we can help you avoid missed deadlines. We can submit your tax return and make sure you hit payment deadlines.
No matter how late you are, you may be charged a penalty for submitting a tax return past the deadline. Typically, the fee is an automatic penalty of £100. Even if you have no tax to pay, the self-assessment return must be submitted before the deadline to avoid a penalty.
Further penalties apply depending on how late you file your self-assessment:
- Three months late: £10 per day (up to ninety days maximum, £900).
- Six months late: £300 or 5% of the tax due (whichever is higher).
- 12 months late: £300 or 5% of the tax due (whichever is higher). You might even be asked to pay up to 100% of the tax due instead.
These penalties are in addition to one another, adding up to a lot of money even if you’ve missed the deadline by just a few months. There are also penalties for late payment of tax, which are:
- Thirty days late: 5% of the tax due.
- Six months late: 5% of the outstanding tax unpaid at that date.
- 12 months late: 5% of the outstanding tax owing at that date.
It is also crucial to remember that interest will be charged on top of these penalties, plus any outstanding penalties. This is currently set at a rate of 2.75%.
Avoid a self-assessment nightmare by contacting us and instructing us to complete your self-assessment and tax returns for you. We never miss a tax deadline.
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