PERSONAL TAX & SELF ASSESSMENT
Often individuals don’t realise they are required to complete a self-Assessment tax return. If you are a sole-trader or you have an income stream other than a PAYE job you may be required to complete a tax return each financial year.
Self-Assessment will take into account your total income, relevant expenditure and any tax paid during the year to assess whether any tax is due to HMRC. It is important you calculate this correctly and on time as failure to do so can result in complex amendments and potential fines and penalties.
We have a team of dedicated accountants with expertise in all aspects of personal tax who will ensure that your returns are filed accurately and on time, whilst ensuring that you are not paying any unnecessarily taxes.
What Do I Pay Tax On?
- Money you earn from employment
- Profits you make if you’re self-employed – including from services you sell through websites or apps
- some state benefits
- Most pensions, including state pensions, company and personal pensions and retirement annuities
- Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
- Benefits you get from your job
- Income from a trust
Interest on savings over your savings allowance
When Do I Pay My Income Tax?
The tax year runs from the 6th April to the 5th April the following year.
The first payment on account for the tax year ending the following 5 April is due on the 31st January.
If you have a second payment on account due for the tax year ending the previous 5 April it is due for payment on the 31st July.
It is worth remembering that not everyone has to pay these payments on account