Self Assessment

Our specialist self assessment accountants will complete your HMRC tax return and advise you on minimising tax liability.

Watch Our Video
We are rated Excellent
self assesment accountant chesterfield

What is self assessment

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.

Tax is usually deducted automatically from wages, pensions and savings. However, people and businesses with other income (including COVID-19 grants and support payments) must report it in a tax return.

Therefore, you must complete tax return if you were self employed and had profits above £1,000, after deducting all expenses or the flat £1,000 tax free allowance.

How much tax you pay will depend on the Income Tax band you are in. There is a different rate for Capital Gains Tax if you need to pay it, for example you sell shares or a second home.

You must also complete and file a self assessment tax return if you were in a partnership, a shareholder receiving dividends over £2,000 or you receive income via property, a trust or if you have a capital gain.

Basically, if you receive untaxed income via the examples above it is necessary to inform HMRC.

When is the deadline for self assessment?

Tax returns run over the government’s tax year being 6th April to 5th April each year.  

Tax returns need to be filed by the 31st January each year. Therefore for the tax year end 5th April 2022, this needs to be filed and any tax paid by 31st January 2023.

Unfortunately, if you do not file and pay on time you will receive interest and penalties. Over recent years this has changed considerably and can now be quite hefty. As an example, filing and paying 1 year late on tax owed of £2,000, you would now owe £3,300 in tax, interest and penalties.

You can however file early. You can file as soon as the new tax window opens being the 6th April each year.

We do recommend filing early. That way you know in advance what tax needs to be paid. Filing early does not mean that you have to pay early. We have clients that like to pay early, others leave until deadline day!! If you are due a refund and you file early, you will receive your refund early. In our opinion, it makes complete sense to file early each year and get this gremlin out of the way.

When is the tax due?

Tax is due to be paid by the 31st January each year. However, if your tax due is more than £1,000 then you then need to also pay a payment on account by 31st July. An example of how this works is if your tax is £5,000 the tax system will assume that next year you will owe the same payment. You will then need to pay half of next years payment up front and the other half in July. In this example that would mean instead paying the £5,000 which you owe in January, you will need to pay £5,000 plus £2,500, therefore £7,500 in January and the remaining £2,500 in July. It is really important that you understand this to allow you to prepare for it. Once the tax return for the following year goes in the previous estimate will be amended to incorporate the correct figures. At this point you may need to pay an additional payment if you have had a better year than the assumed figures, or indeed if you have had a quieter year you will be due a refund.  

Are you new to self assesment?

If you are new to self assessment you will need to firstly notify HMRC that you need to file a tax return and apply for your UTR (unique tax reference) number. HMRC normally (on a good day) issue this within a month. Once you have this you are then able to complete and file self assessment tax returns.  Or we can file it for you.

You will need to keep records for example bank statements, proof of income and receipts and invoices to allow the tax return to be completed correctly. Also, to support your claim should you have a tax investigation. Records need to be kept for 6 years following the year of the return.

Footprints Accountancy can help you initially with registering for tax returns. Moving forward we can complete these for you each year, ensuring that you are legally compliant and that we have utilised all tax efficiencies that are possible.

Do you need support with your taxes?

To discuss how we can help you with self assessment please get in touch.
Contact us today

"*" indicates required fields

Privacy Policy*
This field is for validation purposes and should be left unchanged.

robyn thorpe
Latest customer reviews
Read our genuine customer reviews left on Google and Facebook
Amazing! There aren't enough words to describe how brilliant Footprints are! Saved me and they're just so great. I can't recommend enough and I just can't put into a sentence anything that is worthy of explaining... how much these guys are worth! Honestly the things they do to help. The webinars, The training sessions, the advice. Please use Footprints if you want things done correctlyread more
Michael Houghton.
Michael Houghton.
17:18 25 Jul 23
We had fantastic training session on the basics of business accountancy. Julie certainly knows her stuff and made it really easy for us to follow.
Ben Curry
Ben Curry
16:19 06 Sep 22
Amazing team who are all a great help in all aspects of the service Footprints provide.Highly recommended
Carl Kennedy
Carl Kennedy
10:21 23 Aug 22
I’ve been with Footprints for seven years now from starting up my business. They are professional, courteous, friendly and efficient. Although I’ve had many offers and recommendations for other accountants I... wouldn’t dream of going elsewhere. Well done to all the team at more
Charlie Chesters
Charlie Chesters
22:23 26 Jun 20
Highly recommend Footprints. Not just an accountants who get the job done, but cares about your business and gives sound advice. They take the time to listen, lovely people to work with.
Ben Walker
Ben Walker
12:46 26 Jun 20
Footprints Accountancy were recommended to us by a friend a few years ago and that's when we transferred our business to them. We are extremely happy with all aspects of Footprints. Their efficiency is excellent... and the support provided by them is brilliant. Would highly recommend!read more
Sally Gawthorpe
Sally Gawthorpe
12:36 22 Jun 20
The support from Footprints team has always been fantastic, but during this period of Corona virus they have been just awesome. During the lockdown many accountants have closed and furloughed most of their staff.... And this is when the businesses have been in real need of support and advice. BUT Footprints made arrangements to continue working and providing support for businesses, sending information and advice sometimes even daily, replying emails and returning calls, so that no client is left alone. If you are looking for an accountant or are disappointed with yours, it is time to contact more
Janita Maaranen
Janita Maaranen
16:33 19 Jun 20
Have been with footprints now for a number of years and they have always provided excellent top class service.Throughout the covid 19 pandemic there help/guidance and support has been invaluable for helping us... through the maze of applying for business support grants and loans etc.I would recommend footprints accountancy to anyone in need of an accountant and may also be looking to grow their business at the same more
Michael Fisher
Michael Fisher
15:34 19 Jun 20
what expenses can your business claim
Get your free guide on allowable business expenses
Claiming tax relief on expenses is an important part of your finances and directly influences your profits. It's essential that you know exactly what can and cannot be claimed through your business.
Download your copy now.
Privacy Policy(Required)
This field is for validation purposes and should be left unchanged.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram