Self-Assessment (SA100) Returns

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What is a Self-Assessment?

A self-assessment (also known as a SA100) is a form that is completed yearly, either by an accountant or by the taxpayer themselves. Its purpose is to inform HMRC of how much tax needs to be paid on your income for the relevant year.

It’s important that your self-assessment is completed accurately and on time, as failure to do so will result in penalties and possible interest charges on any tax outstanding.

Do I need to submit a self-assessment?

If you’re self-employed, receive dividends or have made a capital gain from the sale of an asset, then it’s likely that you will need to register for and submit a self-assessment.

Even if your income falls below the personal income tax allowance (currently £11,850) you will still need to complete one, unless your income for the year is below £1,000.

If you need specific guidance or would like us to submit a self-assessment on your behalf, please call us and send us a message using the Contact Us page.

What information do I need when completing a self-assessment?

If you choose to instruct us to complete your self-assessment tax return, then we can handle everything on your behalf. Generally, all we need is your income for the tax year in question and where the income has come from i.e. self-employment, dividends etc.

What are the HMRC Self-Assessment deadlines?

The UK tax year runs from 6th April to 5th April the following year. The deadline for submitting your self-assessment is midnight in 31st January 2019. So, any untaxed income you made from 6th April 2017 to 5th April 2018 will need to be submitted and paid by the 31st January 2019 deadline.

However, if you haven’t already registered, then you must register by 5th October 2018. Any paper returns are due by 31st October 2018.

What if I’ve missed a deadline?

If you’ve missed a deadline then it’s likely that you will have already incurred some level of penalties.

If your self-assessment is up to 3 months late then the penalty will be £100. Every day that your self-assessment return remains outstanding after the 3 month cut off will incur a daily penalty of £10 in addition to the initial £100 penalty.

Have you missed a self-assessment deadline or would you like us to submit your self-assessment? Get in touch today for free advice and get your taxes on track.