What is self assessment?
Self Assessment is a system used by HM Revenue and Customs (HMRC) to collect Income Tax from people who have income that is not taxed automatically. This includes self-employed people, people who receive income from renting out property, and people who have other sources of income, such as foreign income or investment income.
If you need to send a tax return, you must register with HMRC and complete a return each year. The return must be filed online by 31 January following the end of the tax year (5 April).
The Self Assessment tax return is a complex document, but Bude Accounting can make this a simple and painless process for you.
Who needs to submit a self assessment tax return?
You need to send a tax return if you:
- are self-employed
- receive income from renting out property
- have income from abroad
- receive investment income
- have capital gains
- have a high income
- are a company director
- are a trustee
- are a partner in a partnership
If you are unsure whether or not you need to send a Self Assessment tax return, you can use the HMRC online tool to check, by clicking here.
How can Bude Accounting help me with my self assessment?
At Bude Accounting we can help you on all steps:
- Complete your tax return
- Calculate your tax liability
- File the return
- Advise you on any amounts to be paid and when they are due
Call on 07590719470 or email lindsay@budeaccounting.com for a free no commitment consultation or chat. We also offer a wide range of other accounting services, click here to view all services.
