Self Assessment

Self Assessment is a system HM Revenue & Customs uses to collect Income Tax. This is where you declare an individual’s entire world wide income and capital gains in a tax year.

Whether you are thinking about this year’s tax return or further ahead to retirement, we are able to support you and help make your financial decisions easier.

Whatever stage you are at in your life, we will help you get the most out of your money.

We have the expertise to take the headache out of the online form-filing, and the compliance aspect of Self Assessment as well as avoiding falling foul of HMRC regulations. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

2024/2025 Tax Bands

Personal Allowance - Up to £12,570 - 0%

Basic Rate - £12,571 to £50,270 - 20%

Higher Rate - £50,271 to £125,140 - 40%

Additional Rate - over £125,140 - 45%

2024/2025 deadlines:

• Register for Self Assessment - 5th October 2024

• Submission of paper return - 31st October 2024

• Submission of online return - 31st January 2025

• Paying the tax you owe - 31st January 2025 and for the second payment on account 31st July 2025

Tax Returns can be completed for:

• Individuals and sole traders

• Partnerships

• Limited Companies

Self-assessment can be full of penalties and HMRC’s powers are extensive. It’s important that:

• Returns are correctly completed

• Filed on time

• Records are kept and for the appropriate period of time.

Personal tax services are available both for business owners and private individuals including:

• All aspects of Self Assessment

• Dealing with Tax Returns

• Tax enquiries

• Computation of liabilities

• Tax disputes

• Correspondence with HMRC

• Tax investigation fee protection

You may have income outside of your day to day employment, your income from savings or dividends may be above the tax-free threshold, or your (or your partner’s) income may be over £60,000 while receiving child benefit. This is not an exhaustive list, but in all of these circumstances you would need to complete a Self Assessment Tax Return.

If you are not sure which service you require, simply get in touch and we will be happy to advise you.

Get in touch with our team on 01480 300945 or fill out the form below

We welcome your enquiry. Contact us so that we can help you along the way.