Self Assessment Tax Return
A Self-Assessment will generally be required if you have income that has not been taxed at source. This is obviously for people who run their own businesses as sole traders or partners in a partnership and are taxed on the business profits but can also include anyone, either employed or a director, who is taxed at source but only at basic rate and with higher rate tax is due on other income.
A self-assessment return is due by 31 January after the tax year i.e. for the tax year 2013/2014 (that is ending on 5 April 2014) a return must be filed, online, by 31 January 2015. This deadline is 31 October 2014 if you are sending a paper return. Tax is due by the same date and where this is not your first return, payments on account will also be due. Payments on account are due on 31 January in the tax year and 31 July after the tax year and each payment will be approximately 50% of the previous year’s liability.
Should I submit a tax return?
Do I need to file a self assessment tax return?
HMRC will advise that you may need to complete a tax return if any of the following apply:
- You were self-employed or a partner in a business at any time during the tax year
- You were a company director
- You received more than £100,000 of income
- You received interest or dividends from bank or investments
- You received any untaxed income
- You received rental income from property or land
- You received any foreign income
- You were an employee claiming expenses or professional subscriptions of more than £2,500
How can John Nuth help?
We work on a daily basis with a number of sole traders and partnerships ensuring that trading accounts are properly prepared and tax liabilities accurately calculated. We work closely with clients to ensure that the whole process is as efficient as possible.
If you would like to find out more then please give us a call on 01985 850622 or you can email us at us at info@johnnuth.co.uk.
