Self Assessment Tax Returns FAQ

Paper tax return deadline - online tax return deadlin

Self Assessment Tax Returns, questions we get asked a lot and some interesting facts.

Who needs to complete a Self Assessment Tax Return?

Self Assessment Tax affects individuals, partnerships and trustees who receive tax returns, together with companies that are not resident in the UK and are not trading in the UK through a permanent establishment. It also affects individuals who do not receive a tax return, but need to claim a tax relief or allowance and companies making claims outside their company tax returns.

Accountants charge too much for Self Assessment Tax Returns, I am just a sole trader.

If your accountant is charging you too much for your Self Assessment Tax Return, you need to speak to us today!  Our service is second to none, and we always aim to save you much more than the cost of our services ever would!  We know how difficult starting a new business is, and it is in our benefit as well as yours to do everything we can to help you flourish.

When did Self Assessment Tax start?

The first year for Self Assessment Tax was the 1996 – 1997 tax year (April to April), with all partnerships being included in Self Assessment in the 1997 – 1998 tax year.   Previous to self assessment, HMRC would assess each taxpayer!

When do I need to complete my Self Assessment Tax Return?

Paper returns must be filed by 31st October following the end of the tax year. The deadline for filing self assessment returns on-line is 31st January. Returns issued after 31st July following the end of the tax year must be filed three months from date of issue or 31st January if later and the return is filed on-line.

So for example, your trading between 6th April 2019 and 5th April 2020 would need to be submitted;  on or before the 31st October 2020 if you use a paper tax return form (SA100), or if you submit your self assessment tax return online, on or before 31st January 2021.

Can’t I just have my self assessment tax return filed straight away?

Yes, you can file your tax return for the previous year from 6th April.  There are no advantages filing later in the year, and actually it allows your accountant more time to make sure you have included everything you are entitled to claim as expenses!   Filing your tax return straight away does not mean you have to pay your tax bill any sooner than someone who files on the 31st January!

If you are in receipt of certain HMRC tax credits, filing earlier should mean you are not being over paid, or under paid.

I have just started working for myself, when should I let HMRC know?

If you do not receive a notice to file, but have received untaxed income or made a capital gain in the tax year have to inform HMRC by 5th October following the end of the tax year. However, for National Insurance purposes a when you start new self-employment, you must notify HMRC as soon as you start, within the first three months of self-employment.

I missed my filing deadline, it was due last week, last month, last year, or even for previous years, what do I do?

Firstly, do not panic, but you should act straight away!  HMRC can be very accommodating of genuine mistakes, but you need professional advice now!  Click here to contact us.

When will I know how much self assessment tax I need to pay HMRC?

As soon as we complete your return, ready for submission, we request your approval before sending to HMRC, at this point you will have a breakdown of any payment due.

When do I need to make Payment on Account to HMRC?

If you have Self Assessment Tax bill is more than £1,000 and less than 80% of your income is from a PAYE scheme, you will be required to pay your tax bill by 31st January as normal, but also half as much again against your future prospective earnings.  If you think you may fall into the Payment on Account scheme, you should contact us to clarify.

As an example; if your tax due for April 2018 to April 2019 is £2,000 , before 31st January 2020 you would need to settle this tax bill, and also your Payment on Account of £1,000 for the year April 2019 to April 2020.    In other words, you would pay a tax bill of £3,000, made up of the previous years bill, and half of the following year – on account.

If you have any questions at all concerning Self Assessment Tax, or any other taxation issue, please do contact us today, you will be glad you did!

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