Self Assessment Service
We offer a Self Assessment filing service for our medical and healthcare clients and will make your tax filing as simple as possible. We provide our services throughout England and Wales.
This webpage is a guide to these questions:
• What is Self Assessment ?
• Who needs to register to file a Self Assessment ?
• How to register for Self Assessment ?
• What is required for Self Employed people’s Accounts and Tax Returns ?
• When do I need to file Self Assessment Accounts and Tax Returns ?
• When do I need to pay my Income Tax under Self Assessment ?
Please note that this website is under development in 2018. Some of the links below are to our current website.
What is Self Assessment ?
Self Assessment is the UK Tax Return for individuals. You can do the Self Assessment yourself or ask an accountant or other person to do it for you.
Self Employed/Sole Traders file their Year End Accounts and Tax Return by Self Assessment.
Self Assessment is part of the Income Tax system in the UK.
Who Needs to Register to File a Self Assessment ?
• a self-employed Sole Trader (no matter how small the income)
• a partner in a business partnership
How to Register for Self Assessment
We register our clients for Self Assessment, please call 01772 611432 for more information.
To register yourself, here is more information at GOV.UK.
Self Employed/Sole Trader Accounts and Tax
Year End Accounts are prepared first. Tax on the business, along with other personal income, is then calculated as part of the Self Assessment process.
When do I need to file Self-Assessment Accounts?
Income Tax is assessed in “Tax Years”, which run from 6th April to 5th April the following year. For example the tax year 2017/18 runs from 6th April 2017 to 5th April 2018.
Your Year End Accounts must be filed, by Self Assessment, in paper form by 31st October, or online by the 31st January following the tax year just ended, ie. 5th April.
It is simplest to prepare accounts to 5th April each year. For example, if you started a business on 1st September, you will need to prepare accounts from 1st September to the following 5th April. These accounts should be filed online by the following 31st January.
Tax is frequently the only reason why businesses prepare their Year End Accounts. As a result it can be quite stressful and gets low priority. However, delays can be costly.
Penalties are charged by HMRC if a Self Assessment is filed late.
When do I need to pay my Income Tax under Self Assessment?
Income Tax must be paid in full by 31st January for the previous tax year. Eg, for Tax Year 2017/18, ended 5th April 2018, Income Tax and NI is payable by 31st January 2019.
Once a business is into its second year, and tax payable is greater than £1,000, payments on account are collected in the January of the tax year itself (6th April to following 5th April) and then the following July.
Payments On Account are only estimates and are collected in the two equal instalments (31st January and 31st July). Any balance of tax still owing has to be paid by the following 31st January.
Please visit our Payments On Account for more details.