How to do a Self Assessment

If are an individual required to do a self assessment tax return, you’re most likely wondering how to do a self assessment form. Self assessments can be daunting if you’re coming to it for the first time and even if you do it every year, you probably dread it coming around. That’s why we made this guide to help make this more process more clear.

What Is A Self Assessment?
Self-assessment is the process where you the individual inform HMRC how much money you’ve earned that tax year, alongside other details about your financial circumstances. This lets HMRC calculate work out how much tax and possibly National Insurance contributions you need to pay.

In some cases, tax is deducted automatically from your wages or pension. However, if you receive any other income – such as from self employment, capital gains you will need to report this to HMRC by sending a self-assessment tax return.

Who Needs To Complete A Self Assessment Tax Return?
There are some of the most common examples of people who usually do have to carry out self-assessment (but not limited to).

Self-employed people
People with more than one job
People drawing a pension while continuing to work and earn
Directors and partners of limited companies
Anyone earning a certain amount from investments (including property)
Ministers of religion
People claiming child benefits who have earned above a certain amount
Anyone who receives a P800 form

Find out more if you need to do a self assessment form.

How To Register For Self Assessment
If you have not submitted a tax return form previously, you will need to register before you can submit one. The deadline for registration is 5 October (after the end of the tax year).

You can register for self assessment on the official When you register for self-assessment you’ll receive a Unique Taxpayer Reference (UTR) number, which you will need for every tax return. You will then need to activate and complete set up for. HMRC have stated this process can take up to 20 working days, so ensure to leave plenty of leeway.

Gather All Your Tax Return Records
For the self-employed, the key information is likely to be your income and expenditure details, so you should have all your invoices and receipts to hand.

There are costs you can deduct from your turnover to work out your total taxable profit. You can claim for things like office, travel, marketing and business insurance costs, as long as they’re used solely for your business.

Read more about how to claim tax relief on your self assessment.

It’s important to keep good records throughout the year. Not only does this make filling in your return easier, HMRC may check your return after you’ve filed and ask to see your records.

Read more about how long you should keep self assessments tax records for in the UK.

In general, you’re likely to need details of:

Employment Income
State Pension and Private pension
Pension contributions
Charitable Donations
Rental Income
Bank Interest
If you have difficulties with record keeping, we offer a professional bookkeeping service to ensure your records and financial information are accurate and organised.

What Penalties Can I Be Charged Under Self Assessment?
There are four categories of penalty which might be charged in regards to Self Assessment.

Late Filing. An automatic penalty with fines starting with £100 and increasing to £1,600 per year or more
Late Payment. An automatic penalty which is calculated according to the amount of unpaid tax at the due date
Failure to Notify. A manual penalty which is usually calculated according to the amount of tax unpaid as a result of the failure on 31 January following the tax year
Inaccuracy of Submission. A manual penalty which is calculated as a percentage of unpaid tax as a result of the inaccuracy
Can I Hire A Self Assessment Accountant?
Yes, you can! Our team of tax and self assessment accountants are experts in UK tax legislation.

Through MJ Kane, you can be assured your self assessment tax return is filed correctly and timely whether you are an individual or a director of a limited company. A professional accountant can ensure your are only liable for the correct amount of taxed owed.

You can call our team on 028 9335 0290 or use the form at the end to submit an enquiry.

Why Should I Hire A Self Assessment Accountant?
Save time and hassle
Completing a company tax return and self assessment form requires an intensive amount of time and record keeping to be able to complete it properly. Outsourcing this process to a self assessment accountant can save time that can invested elsewhere such as your business or family.

Avoid frustration and confusion
Like any tax issues, it takes time to work your way around the system and understand what is required from you. A self assessment accountant can help simplify this process.

Avoid potential fines or late submissions
Our self assessment accountants ensure that your form is submitted accurately so there are no risks of receiving fines or the attention of HMRC when filled incorrectly. We’ll also ensure to have effective time keeping so that everything is done well before any deadlines.

Avoid mistakes and misinformation
Filling it out correctly can be confusing, especially if you are new to all this. Mistakes can be made, and these can be costly. A self assessment accountant will review and ensure all information is correct before submission.

Be up to date on tax legislations
Tax legislation changes all the time, and our self assessment accountant are keep up-to-date with it so you don’t have to

Get potential savings
An experienced self assessment accountant will know where to find deductions so you could reduce your tax bill legally. There’s also the risk of paying too much tax if you fill in your Self-Assessment form yourself. When you use an accountant you may be able to save more money than you spend on the service, which could be hundreds of pounds or more.

Professional record keeping
A self assessment accountant can help you to organise your files to make the process easier and quicker in the next tax year. Our accountants can also provide tips on managing your finances to make record keeping and bookkeeping easier.

Why MJ Kane For Your Self Assessment Accountant
Over 8000 satisfied clients
In over 30 countries
60+ industrial experience
Your Own Dedicated Accountant
Competitive Quotes
Small Business Experts
No-Hassle Solution
Error-Free Accounting
In house experts for all accounting needs

You can get started with our Self Assessment Accountant Services by arranging a call back with our team on the form below.

Alternatively, for urgent queries please call us at:

Tel: 028 9335 0290

Self Assessment FAQs

What Do I Pay Taxes 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

What types of businesses do MJ Kane Accountants serve?

MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

  • Professional services – Real estate agents, insurance agents, financial advisors and more
  • Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
  • Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
  • Health and wellness – Gyms, salons, spas, dentists and more
  • Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more

I am a Sole Trader, do I need to complete a Self Assessment?

Sole Traders are required to submit a self-assessment tax return.

I am a Partner in a partnership, do I need to complete a Self Assessment?

Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

I am a Director of a limited company, do I need to complete a Self Assessment?

Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return.

How Will Your Self Assessment Accountant Help Me?

Through our tax return accountants service, we will work to minimise any tax owed while preparing your Self Assessment. Our service is tailored for each individual but depending on your circumstances we can also claim for relevant expenses, allowances and tax reliefs on your tax return. We also offer a one-off tax advice where we can help you understand your UK personal tax situation.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years.

For companies this should be a minimum of 6 years.

You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

How Do I Claim Tax Relief on Self Assessment?

Within the self assessment form there’s a series of supplementary pages, this is particularly important if you’re self-employed or receive income from another source – you’ll  use this section to help claim tax back from HMRC.

Read more about how to claim tax relief on your self assessment

Do I need to complete a self assessment form if I am small business owner?

Yes. Small business owners are considered self employed persons and are required to complete a self assessment form so HMRC can tax earnings appropriately.

Learn more about self assessment for small business owners.

What Do I Need For My Self Assessment Form?

Before starting your self assessment tax return, ensure you have the following

  • My PIN
  • My UTR number
  • My Gateway ID

Alongside this, you’ll need record of your income and self assessment records for tax relief. We have procured a complete self assessment checklist to help complete your self assessment form.

What Happens If I Fill A Self Assessment Wrong?

You may face certain financial penalties if you submit incorrect information alongside the actual tax owed. There are also penalties for late submissions.

We cover this through our How to do a self assessment guide.

How Long Do I Keep Tax Records In The UK

For individuals this should be a minimum of 5 years.

For companies this should be a minimum of 6 years.

You should ideally have a dedicated filing system for all records of historic years to ensure you can access any document easily.

Who needs to fill a Self Assessment?

Typically, if you receive income or capital gains that do not have tax automatically deducted – you will need to report this under a self-assessment.

We have a separate guide to find out if you need to do a self assessment