Let's talk

Self Assessment Tax Returns

-

Completing your self assessment tax return is an essential task, but it can be confusing and time consuming. Our tax services will make self assessment as simple as possible for your business. We’ll work with you to gather the information required and submit your tax return online so you can focus on running your business. We understand the process of submitting tax online as we’ve been in your position so that coupled with our expertise means we can help if you have any tax questions. We will also be upfront about the costs of our tax services so that you know where you stand. We will ensure that your self assessment tax return is completed correctly and submitted on time.

Call us to discuss your requirements on:

Let's discuss how we can help

Claim your FREE Bookkeeping Health Check

Businesses that have a great bookkeeping system operate like a well oiled machine. The accounts are properly arranged, data entry is systematic and clear reports are always readily available. At Aimtrac we’ll happily look at your existing processes with you for free, and we’ll offer advice as to how you could achieve the perfect system.
Get Your Health Check

Our Team

The Aimtrac team is a group of subject matter experts, all dedicated to helping companies grow. Bookkeeping is an essential function of any business but also one that can prove to be a significant pain point for company owners. We offer professional bookkeeping services to help take the pressure off businesses when recording financial transactions and keeping on top of cash flow. We can bring practical support to your business through our qualified bookkeeping team providing you with regular contact and updates regarding your financial position.
Call us to discuss your requirements on:
Steve Seymour - Aimtrac Group
Steve Seymour
Managing Director
Sharon Ashmore - Aimtrac Group
Sharon Ashmore
Head of Bookkeeping & Payroll
Clare Halton - Aimtrac Group
Clare Halton
PA & Office Manager
Janine Jesse
Business Advisor

What is a Self Assessment Tax Return?

Self assessment tax returns are used to tax any income that comes from self-employment, capital gains, or other avenues that aren’t taxed automatically. If you have earned any income that hasn’t been taxed then you may need to file one. You can complete self assessment tax returns online via the HMRC and Government Gateway. It is also possible to file on paper.
You will also be asked to pay any National Insurance contributions when you submit your completed tax return. National Insurance contributions will affect your entitlement to a state pension and other benefits so it’s important to make the payments when you submit your tax return.

Do I Need to Fill in a Self Assessment Tax Return?

Most people won’t need to complete self assessment tax returns. If you earn all your income as an employee then you will be taxed through the PAYE system without having to complete a tax return. However, if you run your own business or you have made money in other ways, then you might be required to file self assessment tax returns. 

You should complete self assessment tax returns for any tax year in which you:

  • earn more than £1000 from self employment
  • earn more than £2500 by renting out property 
  • earn more than £2500 in untaxed income such as commission or tips 
  • make more than £10,000 (before tax) from investments or savings 
  • are claiming Child Benefit and have an income over £50000
  • have a taxable income over £100,000 (even if you already paid tax through PAYE)
  • sell property, shares or other assets that have increased in value since you acquired them (this is Capital Gains tax) 
  • are the director of a company or a trustee of a trust or registered pension scheme 
  • earn income overseas or live overseas and earn money in the UK 
  • need to claim tax relief on pension contributions
  • exceeded the personal tax allowance when the state pension was your only income
  • wish to make voluntary Class 2 National Insurance contributions 
  • are requested to complete a return by the HMRC 

How to Register for a Self Assessment Tax Return

What are the Deadlines for Submitting a Self Assessment Tax Return?

What are the Deadlines for Submitting a Self Assessment Tax Return?

The deadline for submitting a self assessment tax return online is 31 January each year. You need to submit the return for the last self assessment tax year, which runs from 6 April to 5 April. For example, the tax return for 6 April 2020 to 5 April 2021 should be submitted by 31 January 2022.
Going digital for tax can give you some more time to complete self assessment tax returns and make your National Insurance and tax payments. It can also be easier to submit self assessment tax returns online, especially if you’re working with an accountant or tax service.

What Are the Penalties for Missing the Self Assessment Tax Return Deadline?

If you fail to file self assessment tax returns by the deadline then you can be fined £100 even if you still manage to pay your taxes on time. Additional penalties can be charged if you don’t file your late tax return after three, six, and 12 months or if you are late paying your self assessment tax bill. You could also be penalised if HMRC believe you are deliberately withholding information or avoiding taxes.

Featured Insight

Basic Bookkeeping: What is bookkeeping and how will it help my business?

Many sole traders and entrepreneurs would prefer to spend time winning business rather than evaluating their books. However, when going into business bookkeeping is one of those tasks that just can’t not be done.
Read more

Need Help with Making Tax Digital? Talk to Aimtrac.

Aimtrac supports small and medium sized businesses across the North West with business advice and self assessment tax return submissions.
We are based in Altrincham and work with businesses across Greater Manchester and the surrounding areas. Our clients include everyone from the Self-Employed and Sole Traders through to Limited Companies. We have supported businesses such as cleaning contractors, eCommerce fulfilment companies, and kitchen installation teams, so we are familiar with all kinds of tax arrangements.

Other Services we offer

Let’s discuss how we can help

Contact us for an informal discussion about your business and how we can help.
Get in touch
© 2020 Aimtrac Group Ltd | Company No. 7671010 | VAT No. 117675009
envelope-oclosemap-markerchevron-rightfolder-openthumbs-o-upphonebars linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram