Self-Assessment & Tax Return

A UK tax year runs from 6 April to the following 5 April. So, after the 5th of April, the Tax Return/Refund time starts.

The exception to this is if you are making a tax rebate claim because you are leaving the UK. If you intend to claim back any overpaid tax because you’re leaving the UK, you do not have to wait until the end of this current tax year.

If you are a director of a company, are self-employed or receive rental property income, we can help you file your tax return correctly and submit it on time on your behalf for a fixed price of £60-£100 + VAT, which is dependent on the complexity of your tax affairs.

We will calculate your Tax Return within 1 business day.

You are eligible for a tax refund if one of the following applies to you:

• You have not worked the full tax year (within the last 5 years)
• You have earned less than the tax-free threshold
• You have been taxed using the wrong tax code
• You have worked in the construction industry under the CIS scheme

Personal income must be declared through Self-Assessment:

• If you are self-employed person
• If you work as employed and self-employed person at the same time
• If you are not self-employed anymore but have not informed HMRC about this
• If you are getting income from the property letting, dividends, Child Benefits and etc.

Submission and Payment Deadlines

If you would like to complete your Self-Assessment report you should provide the following documents or their copies:

• Identity document (copy of passport or National ID card)
• Proof of address
• National Insurance number
• Self-Assessment registration number (UTR)
• P60, P45, CIS statements, bank statements and other documents confirming income and expenses
• Bank account details

Self-assessment tax returns which are filed online must be submitted to HMRC by 31st January each year. Paper returns must be submitted by 31st October. If your tax return is late, you will have to pay a penalty.

Any income tax and National Insurance contributions due must be paid to HMRC by 31st January each year; failure to do so may result in interest being charged for late payment.

NOTE: If you do not have all the necessary documents – it is not a problem! You can still initiate your tax refund process and our experienced team will recover your missing documents.

Late Penalties

If you do not file your tax return on time there is an automatic fixed penalty of £100. If your return has still not been submitted after three months, you will be charged £10 for each additional day the return is late (up to £900) in addition to the fixed penalty. The penalties increase further if the tax return is still not submitted after six months. The penalty may be reduced if you can prove that you have a reasonable excuse.

Registration/Cancellation of self-employment

If you are operating or planning to operate as a self-employed person, you need to register your status with HMRC and get a UTR registration number. The registration process takes about 10-14 days, after registration will be completed you will receive a letter with your registration number. The UTR number identifies you in the tax system and indicates your status as a self-employed person.

After registering self-employment status, you will have the obligation to submit tax return to the HMRC on an annual basis. If your circumstances have changed and you no longer operate as a self-employed person, you need to inform HMRC and close the UTR number. If you do not close self-employment status after tax year end, you will have the obligation to submit tax return report to HMRC, whether you worked as self-employed person or not.

Failing to submit tax return report on time will result in penalties.