Self Assessment Tax Returns

You need to pay personal tax on the money you earn from sources such as your income, pensions, and savings. No worries, though—I'm here to help you navigate your finances! Whether it’s understanding income tax or capital gains, I can provide guidance. Plus, I can assist you with your personal tax returns. Let’s make this easier together!

I’ve got your annual Self Assessment tax return covered for you!

Taking care of your annual Self Assessment tax return can feel overwhelming, but i'm here to help! If you’re self-employed, you’ll need to fill out a Self Assessment form (unless your income is under £1,000). This form is a simple way to report what you’ve earned over the last financial year and how much tax you need to pay.

Your Self Assessment tells HMRC about your tax responsibilities, including income tax, National Insurance, and, for those of you who are directors of limited companies, dividend tax as well.

When you team up with Balanced Books by Bernie, I’ll handle your Self Assessment form with care. I'll ensure that I claim every allowable expense to help lower your tax bill, making the whole process as smooth and stress-free as possible!

What is Self Assessment?

Self-assessment is a straightforward way for you to report your annual earnings, ensuring you pay the right amount of income tax, National Insurance, capital gains tax, and dividend tax. It’s a little process that helps keep everything on track!

When to Register for Self Assessment?

If you need to register for Self Assessment with HMRC, make sure to do it by the 5th of October for the current tax year (which runs from 6th April to 5th April). Don’t worry too much if you miss this date, but be aware that there may be a fine. The good news is that if you submit your Self Assessment on time for that year, you can avoid penalties!

How to Pay Self Assessment Tax?

When it comes to paying your Self Assessment tax, it’s pretty simple! You’ll make two payments during the year – one by the 31st of January and another by the 31st of July. You can even choose to pay in monthly instalments if that fits better. If you ever find it tough to pay on time, reach out to HMRC in advance; they’re often able to help.

Paying your Self Assessment tax is a breeze! You can handle it by direct debit, bank transfer (BACS or CHAPS), debit card, corporate credit card, by cheque, or even at your bank or building society. It’s all about what’s easiest for you!