Self Assessment Accountants for Tax Returns

Self Assessment for company directors 

Aside from their responsibilities for company tax reporting, directors also have to provide full details of their income through Self Assessment for personal taxation. Directors’ incomes can be based on various on various income streams including salary, dividends and benefits in kind, each of which need to be provided to HMRC through self assessment returns. Our expert team can provide directors with full guidance on completing self assessment returns with maximum tax efficiency.  

See more about tax returns for company directors. 

Self Assessment for partners in business partnerships

Partnerships have to be registered with HMRC for Self Assessment by the nominated partner in a business partnership. It is important to remember that unlike a limited company, partnerships are not taxed, but partners are.

See more about tax returns for business partnerships.

Self Assessment for income from property 

Rental income from property has to be reported on your Self Assessment return if it is: 

• between £2,500 to £9,999 after allowable expenses
• £10,000 or more before allowable expenses

Issues to be aware of include a £1,000 tax free allowance on income from property, and anyone selling property other than their main residence may also have to pay Capital Gains Tax. We offer comprehensive accounting advice for landlords and on buy-to-let, and can help you to optimise your tax position on income from property.

See more about tax returns for buy-to-let property and landlords.

Self Assessment for savers and investors

If you receive more than £10,000 a year from savings, investments and share dividends, your income needs to declared on your SA return. Income from savings falls into your personal allowance and is taxed at your marginal rate, once you exceed your savings allowance. Tax on dividends fall into a range of bands. We ensure your returns and allowances are properly reported.

Self Assessment for high earners

While most employed people do not need to complete a SA return, if you are in employment and earn over £100,000 you are required to do so. 

Self Assessment if you sell online

With the arrival of online trading on sites such as Amazon, eBay and Etsy, many people have used the platforms to sell goods. From a self assessment point of view, you need to know what sales you have to declare and what you don’t.

The key question is whether you are running a business online. If you are selling unwanted items occasionally, there is probably no need to declare the income from them. But if you are buying goods in order to sell at a profit, or if you are selling frequently or regularly online, HMRC are more likely to believe you are running a business and that your income needs to declared.  

For advice on tax on online sales, contact our experts, and find out more about our accountancy services for ecommerce and Amazon sellers. 

Further issues for Self Assessment

Self Assessment returns also involve other detailed considerations as diverse as child benefit payments, foreign income, living abroad while you receive a UK income and for trustees and underpayments from previous years. 

National insurance also falls under Self Assessment, with the specific rates for the self employed rates as opposed to people in employment. 

A further issue are payments on account, which requires two advance payments on 31st January and 31st July based on projected earnings for the tax year if this is over £1,000. Any outstanding tax due needs to be paid on 31st January following the tax year. Payments on account can involve overpayment or underpayment, and our guidance can help to ensure that you pay no more or no less than is required.   

Self Assessment tax returns online

You can complete your SA return online or on paper. 

• The online deadline is 31st January in the year following the tax year (10 months after the tax year ends), as opposed to 31st October for paper returns (6 months after the tax year ends)
• a complete online record of your submission, including how the tax due is worked out 
• you can start the tax return, save it and finish later 
• you can get refunds faster than form paper returns
• you are less likely to make mistakes

For expert advice on self assessment tax returns, please contact Perrys Chartered Accountants now for a consultation.

What are self assessment deadlines?

The deadlines for self assessment returns are October 31st in the year the tax year ends for paper returns, and January 31st in the following year for online returns.

Fines for late returns start at £100 for being a day late, rising to £1000 plus additional costs if your return is over 6 months late.

What software can I use for self assessment?

A range of software is available which will help your self assessment return, including Quickbooks and Xero.

It’s simple to copy and paste fields from these programmes into your online tax return form.

Can your accountant file your tax return?

At Perrys, we file tax returns, including self assessment returns, for a large number of clients. We apply our professional experience to minimise our clients’ tax burden, and we ensure returns are filed on time and avoid penalties. That frees up your time for your business, and relieves you of the headaches that completing a tax return can sometimes cause.

For expert advice on self assessment tax returns, please contact Perrys Chartered Accountants now for a consultation.