What is a Self Assessment Tax Return?

As the name suggests, you are responsible for accurately completing the return and for informing HMRC, if you need to complete one.

You will need to complete a tax return if:

• You have untaxed income in the tax year or receive taxable foreign income
• You are self-employed
• You are the director of a Limited Company, at any point in the tax year
• You are the trustee or executor of an estate
• You have income of over £10,000 from savings or investments
• You have overall income over £100,000
• If HMRC request one, for any other reason

This is not an exhaustive list – if you are unsure, check with HMRC or speak to your accountant.

The return can be completed electronically – we always recommend this, as you have longer to complete the return and all taxes owed are calculated automatically as part of the submission process. If submitting electronically, the due date is 31st January the following year – if you are using a paper return, it is 31st October. Late returns incur an initial penalty of £100 and returns late by over three months incur additional costs.

You will need to include the following information:

• Employment income (including benefits in kind)
• Dividend income
• Pension income
• State benefits
• Bank interest
• Rental property earnings
• Any other sources of untaxed or taxable income

If you are looking for assistance, Dolan Accountancy can prepare your self-assessment tax return for you – please contact us for a price. As a way of saying thank you to our clients, if you are already using us as your accountants for your own Limited Company, your self-assessment return is absolutely free!

If your tax return is unusually complex, additional charges may apply – give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com for a quotation based on your personal circumstances.