business & tax

Self Assessment - Factfiles

Self Assessment is a system where you complete your own tax return each year and file it with HM Revenue and Customs.

Self Assessment Tax Return Service

We offer a full, low cost self assessment tax return service - contact us today to request information on this service.

Key Dates:

• 6 April to 5 April - the tax year
• 30 September - last date that HM Revenue and Customs will calculate your tax return for you based upon your self assessment return
• 30 December (currently - may change to 30 November) - last date for HM Revenue and Customs calculating your tax return for you using online self assessment return
• 31 January - last date for settlement of any taxes due to be paid

Self Employed - Additional Dates

For Self employed people, you are required to make tax payments on account for the current trading year based upon the previous years profits and return.

• 31 January (in year of trade) - 1st payment on account due of 50% tax of previous year's tax liability
• 31 July (just after year of trade has finished at April) - 2nd payment on account due of 50% tax of previous year's tax liability
• 31 January (after year end) - final tax settlement due after deduction of the two payments on account.  Note at this time you will also be making yet another 1st payment on account for another trading year.

Tax Evasion:  It is illegal to evade tax.  If you knowingly do it you may be fined the same amount as the tax due i.e you pay the tax due and you pay a fine that is the same plus say £100 for incorrect filing.  Always tell us your full information as it is your responsibility to make a full a frank disclosure.  That way, if we get it wrong, we get the fine and not you.  If you do not tell us it all, you get fined.