Self Assessment is a process to notify HM Revenue and Customs (HMRC), income earned as self employed and about non-taxed income earned. Employee’s who pay taxes on payroll (PAYE) system or wages or salaries, are exempt from self assessment. But if they have any income which needs to be taxed should oblige to submit a self assessment tax return.
As per the law, if HMRC sends a notice to file a tax return, that should be addressed with in the tie frame because, either because the tax payer has registered for self assessment voluntarily or HMRC believe one to be required.
Under UK tax legislation, tax payers are obliged to submit a Tax return to HMRC not later than 9 months after the end of the tax year in which they became liable. Depending on the circumstances and the tax owed, they may do this by registering for self assessment and completing a tax return.
The tax year starts from 6th April of pervious year and Ends on 5th April current year. HMRC must receive your tax return and any money you owe by the deadline. The deadline to submit Paper Tax Return is by 31st October current year and to submit online by 31st January. In either case, Tax owe to HMRC should be paid by 31st January to avoid any penalties or interests.
Being a certified ACCA member and started as sole trader in 2006, Brayan & Spencer Associates ( B S Associate) versatile in self assessment tax return and Partnership returns, trusted by hundreds of taxpayers from various industries across UK.
If you required more information on Self Assessment tax return, feel free to contact our professional team for advise.