What is a Self Assessment Tax Return?

(2 minutes to read)

A self-assessment tax return is a summary of your personal income, capital gains, tax allowances and overall tax liability for the tax year. This runs from the 6th to the 5th of April the following year – regardless of your Limited Company year end, if you operate one.

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.

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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.

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Why Dolan Accountancy?

With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.