Self Assessment Tax Return

Personal Tax Return

Our Self Assessment Tax Return service is designed to simplify filing your taxes, ensuring accuracy and compliance with UK tax laws. We offer personalised tax planning to help you optimise your tax position and reduce your income tax liabilities. Let us take care of the complexities of your tax return so you can maximise your net income.

Navigating the complexities of self-assessment tax returns in the UK can be daunting. Peer Accountants is here to simplify this process, ensuring your tax return is compliant and tax-efficient. Our team of experts specialises in all aspects of self-assessment, providing personalised services tailored to the unique financial circumstances of our clients.

Our comprehensive approach covers every potential source of income that must be declared to HMRC, including but not limited to:

  • Employment Income: Individuals earning salaries or wages can benefit from our meticulous review of their income and related expenses. We ensure that all applicable allowances and deductions are accurately claimed. This includes professional subscriptions relevant to your job, work-related expenses such as uniforms, tools, and travel expenses not reimbursed by your employer. We also explore eligibility for relief on expenses like working from home or buying necessary equipment, ensuring you claim the maximum allowable deductions to lower your tax liability.

  • Self-Employment Income: For sole traders and freelancers, navigating business expenses and optimising tax deductions is crucial for financial efficiency. We offer comprehensive guidance on allowable business expenses, ensuring you correctly claim office costs, travel expenses, subscriptions, staff costs, and any raw materials or stock. We also assist with understanding and applying for relevant capital allowances on larger purchases or investments in your business, ensuring full compliance with HMRC rules and maximising tax relief.

  • Property and Rental Income: We provide landlords with customised advice to optimise their rental income tax, helping them fully claim allowable expenses, including, but not limited to, mortgage interest (subject to restrictions), property maintenance and repairs, operating costs, and professional fees. Our expertise also covers areas such as the Rent a Room Scheme and the Furnished Holiday Lettings rules, guiding landlords through these areas to ensure their property investments achieve maximum tax efficiency. This comprehensive approach not only aids in reducing tax liabilities but also supports landlords in navigating the complexities of property tax to enhance their investment returns.

  • Investment Income: Our team expertly advises managing taxes on dividends, interest from savings, and income from trusts. We focus on tax-saving strategies, including the effective use of Individual Savings Accounts (ISAs) to receive tax-free interest and dividends and the utilisation of personal savings and dividend allowances. This ensures our clients achieve optimal tax efficiency on their investment income, taking advantage of every opportunity to reduce their tax bill.

  • Capital Gains: For clients who have realised gains from selling assets such as property or shares, we can help you minimise capital gains tax. We assess eligibility for reliefs like Private Residence Relief on the sale of your home and Business Asset Disposal Relief (previously known as Entrepreneurs’ Relief) to significantly reduce tax liabilities.

  • Foreign Income: We will assist you in determining whether you need to declare a foreign income in the UK by carefully examining the double taxation agreement between the UK and the other countries involved. Our expertise ensures that you only declare what is required and take full advantage of foreign tax credits, preventing you from paying more tax than necessary. Whether your income originates from employment, investments, or rental properties abroad, we guide you through claiming double taxation relief to optimise your tax position while ensuring full compliance.

  • Pensions, Savings and Dividends: Maximising allowances is vital for reducing the tax impact on income from pensions, savings, and dividends. We ensure our clients utilise their personal savings allowance, dividend allowance, and the starting rate for savings to minimise tax on this type of income. Our advice includes strategic planning around the timing and amount of withdrawals from pensions and investments to optimise tax efficiency.

At Peer Accountants, we believe in going beyond mere compliance. Our proactive approach aims to fulfil your tax filing obligations and enhance your financial efficiency, reducing your tax liabilities wherever possible. With our expert guidance, you can confidently navigate the self-assessment process, knowing that your finances are optimised for tax efficiency and aligned with your long-term goals.

Frequently Asked Questions

Do I need to file a Self Assessment Tax Return?

You need to file a Self Assessment Tax Return if any of the following applies to you during a tax year (from 6th April to 5th April next year):

  • You earn more than £1,000 a year (before deducting expenses) from all self-employed income sources.
  • You are a partner in a business.
  • You are a director and receive untaxed income from a company.
  • You are a shareholder and receive dividends more than your dividends allowance.
  • Receive more than £1,000 a year (before deducting expenses) rental income from property (unless covered by rent-a-room scheme).
  • You have savings income more than your personal savings allowance.
  • You want to claim employment expenses over £2,500 in a year.
  • You made a capital gain on assets such as property, shares, etc and need to pay tax.
  • You work under the Construction Industry Scheme (CIS) scheme.
  • Earn £100,000 or more in a year.
  • Earn more than £50,000 and receive child benefit.
  • Receive foreign income that needs to be declared in the UK (except if your foreign income consists only of dividends, which will be covered by dividend allowance).
  • You made excess gift aid contributions or pension contributions.
  • You are not a UK resident and have taxable income in the UK.
  • Income from taxable savings and investments of £10,000 or more before tax You are a trustee or the executor of an estate.
  • You want to claim relief under a double taxation agreement or a claim for remittance basis.

The deadline to register for Self Assessment in the UK is 5 October, following the end of the tax year for which you need to file a tax return. For example, if you need to file a tax return for the tax year that ended on 5 April 2024, you should register by 5 October 2024. You don’t need to panic if you missed the deadline to register for Self Assessment and file your tax return on time for a tax year. Please contact us at your earliest convenience so we can apply for your UTR number. HMRC will issue you a UTR number and allow you three months to file your tax return and pay your tax bill.

You can register for Self Assessment online by visiting https://www.gov.uk/register-for-self-assessment. Alternatively, you can ask your accountant to apply on your behalf. Please note that the registration process can be complex and may vary based on your sources of income and personal circumstances. If you need any assistance, please feel free to contact us.

Trading allowance is a tax exemption available in the UK that allows individuals to earn up to £1,000 per tax year from self-employment without reporting this income to HMRC. You don’t have to declare your income or pay tax if your income is less than the allowance. However, if your income exceeds £1,000, you can deduct the allowance from your income instead of actual expenses when calculating taxable profit.

A U.T.R (Unique Taxpayer Reference) number is a 10-digit code HMRC assigns in the UK. It’s used to identify individuals, companies, and other entities within the tax system, ensuring their tax records and payments are correctly processed. Individuals receive a UTR when registering for Self-assessment or setting up a partnership business or a limited company. It’s essential for filing tax returns and managing your affairs with HMRC.

In the United Kingdom, taxpayers are required to submit their Self Assessment tax return and pay any tax owed by 31 January of the year following the tax year. The tax runs from 6 April to 5 April of the following year. Therefore, for the tax year ending on 5 April, you must submit your tax return and pay any tax due by 31 January next year. For example, if the tax year runs from 6 April 2023 to 5 April 2024, you must submit your Self Assessment tax return and pay any owed tax by 31 January 2025.

If you choose to file a paper tax return instead of filing online, the deadline is earlier, on 31 October following the end of the tax year. Using the same example, the deadline for a paper return for the 2023-2024 tax year would be 31 October 2024.

If you don’t file your tax return on time, you will be charged an initial penalty of £100. To avoid further penalties, you must file your tax return within 30 days of receiving the penalty letter or, at the latest, within three months. If you owe any tax, you will also receive a late payment penalty of £100 and must pay interest on the outstanding tax amount.

Our HMRC Penalty and Appeals service can help you file your tax return within 30 days and cancel penalties by filing an appeal on your behalf to HMRC.

If you find any mistakes in your tax return after submitting it, you can amend it. The changes you make will adjust your tax bill accordingly. You may owe more tax or become eligible for a refund, depending on the adjustments.

To rectify any errors, you can revise your tax return online within 12 months of the self-assessment deadline or by submitting another paper return. If you miss this deadline, you must post the amended tax return to HMRC.

If you earn untaxed income from self-employment or other sources, filing a Self Assessment Tax Return is mandatory even if you have incurred losses. The good news is that these losses can either be offset against the total income of the current tax year or carried forward and offset against future profits of the same business, which can decrease your tax bills in the future. However, to carry forward losses, you must file a tax return.

Ther are three ways to pay self-assessment income tax:

  1. Bank transfer. Account name: HMRC Self Assessment Shipley, Sort Code: 08-32-10, Account No: 12001020
  2. By credit or debit card: Self-assessment tax payment link
  3. By telephone: 0300 200 3841

Payment reference number: your personal UTR number followed by ‘K’.

If you cannot pay HMRC in full by the deadline, please call 0300 200 3402 before the due date to set up a monthly payment plan to settle the personal tax amount and avoid late payment penalties or surcharges.

If you can’t get hold of HMRC over the phone, you can chat with HMRC online.

You can also set up a payment plan online with HMRC. (You must do this before the payment deadline).

If you are not required to file a tax return because all your income is taxed through PAYE and you have no additional tax obligations, you can contact HMRC at 0300 200 3310 to request withdrawal of the tax return. If HMRC approves your request, you won’t longer need to submit a return. It is essential to note down the date, time, and name of the HMRC agent you spoke to and call the reference number for your records.

After making a request, you should receive a confirmation letter from HMRC within two weeks. If you are still waiting to receive the confirmation letter, contact HMRC again at 0300 200 3310. If you can’t get hold of HMRC over the phone, you can chat with HMRC online.

It depends on how you filed your tax return.

  1. If you filed your tax return using the HMRC portal, you can log in to your online gateway account and print the SA 302 report.
  2. If you or your accountant filed your tax return using a commercial software:
    • HMRC will post the SA302 report to your home address within two to four weeks.
    • If it has not arrived in the post, you can call HMRC at 0300 200 3310 to request the SA302 report.

If you can’t get hold of HMRC over the phone, you can chat with HMRC online.