What is Self Assessment?
Self Assessment is a system used by HMRC to collect Income Tax from individuals who don’t have it automatically deducted from their income. It requires taxpayers to report their income and capital gains, and to calculate the tax owed. While HMRC uses the information provided to check accuracy, it’s your responsibility to ensure everything is correct.
Self Assessment Deadlines:
- Registration: Register by 5 October following the end of the tax year in which you need to file a return.
- Paper Returns: Submit by 31 October.
- Online Returns: Submit by 31 January.
- Payment: Pay any tax owed by 31 January.
Benefits of Self Assessment
- Control Over Finances: Stay on top of your income and tax liabilities, making financial planning easier.
- Timely Payments: Avoid penalties by accurately calculating and paying your taxes on time.
- Claim Deductions: Identify and claim eligible expenses and allowances to reduce your tax bill.
How it works:
- Fill up the application form by clicking on ‘Order Now’.
- Proceed to checkout and make your payment.
- You’ll receive a questionnaire regarding your income for the year via email.
- We’ll handle the completion and submission of the SA100 for you.
- HMRC will notify you via email about the submissions.
Frequently Asked Questions:
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