Do you need to complete an HMRC self assessment?
HMRC requires certain individuals to complete a Self Assessment tax return every year.
You will need to submit a Self Assessment if you:
- Are (or were) a company director*
- Are (or were) self-employed (sole trader/freelancer)
- Earn income from an overseas source, investment dividends or rental property
- Earn income from trusts, settlements and estates
- Have an annual income of £100,000 or more
- Receive other income that is not taxed at source – for example capital gains or dividends
* A director whose only income is taxed under PAYE, or has no taxable income at all and who has not received a notice to a file a tax return, is not required to report to HMRC or to register for self-assessment.
Take our interactive quiz to discover if you need to submit an HMRC Self Assessment.
UK tax deadlines for individuals and partnerships
Over 11 million people need to file an HMRC Self Assessment tax return every year. For assistance with meeting any of these deadlines, simply fill in the form on the bottom of this page and one of our contractor accountants will get in touch with you
Tax/other obligation | Deadline | Penalty |
|---|---|---|
| Income Tax return (self assessment) | 31 January following the end of the tax year for electronic returns. 31 October following the end of the tax year for paper returns. | Depends on how late:
|
| Income Tax payments | 31 January balancing payment for the previous tax year and first payment on account of the current year. 31 July second payment on account for the current tax year. | Depends on how late:
|
| VAT (if registered) quarterly return and payment | 1 month and 7 days after quarter end | Surcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period. Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding. |
| PAYE (if an employer) RTI return | On or before payment made to an employee | In year submissions:
|
| PAYE payment | 19th of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme Class 1A NICs: 19th of July following the end of the tax year | Late monthly and quarterly payments:
|
| Tax credits renewal | 31 July | If deadline is missed:
|
Inheritance planning
Inheritance planning is key if you are likely to have assets in excess of £325,000.
There is a potential tax liability if your estate - your assets at the time of your death - exceeds this amount, but there are ways to reduce or even eliminate the liability. The legislation is complex, making the right advice critical.
We offer:
- A consultation with one of our experienced and regulated Financial Planners and Wealth Managers
- A comprehensive Inheritance tax UK planning review
- Specific tax advice and planning for you, and your partner, if applicable, to follow
We offer specialist, personalised, end-to-end accounting and tax advice.
Capital Gains Tax on property
If you're a non-resident for tax purposes in the UK, a direct or indirect disposal of UK property will require the submission of a Capital Gains Tax return within 60 days (disposals from 27/10/21 onwards) following completion of conveyance, even if there's no capital gains liability.
If you're UK tax resident, you only need to submit the capital gains return if the disposal has created a taxable gain.
We can help you determine your tax liability and make sure the whole process runs smoothly so you avoid any costly penalties.
The benefits of our accounting and tax service
Approachable and personable accountants
Tailor-made services
A high-quality accounting solution
The backing of a reputable accounting firm
Quality control exercised on your behalf
Value-adding initiatives
What to consider when choosing a personal tax accountant
The contractor/freelancer accounting marketplace is a competitive space, and unfortunately there are many unregulated accounting companies out there. The industry is controlled by regulations and legislation that your accountant should be aware of. We advise you to consider the following aspects carefully when making this decision:
| Make sure that you do this | What Sable International does |
|---|---|
Check that the accountant has a solid track record and a good reputation in the industry. | We are well-established in the industry, and have been in business for over 20 years. |
Check that the accountant has professional indemnity insurance. If the advice provided to you was incorrect, you could claim for any financial loss suffered. | We have professional indemnity in place. |
Look for a proactive accountant who includes all returns and accounts in their accounting package. | Our all-inclusive accounting services include the filing of all statutory returns and requirements. |
Consider an accountant that provides other, complementary services. This will be a great added value to you, as all your professional matters can be dealt with in one place. | We also offer wealth, immigration, tax and foreign exchange services. |
Complementary services
When you're buying real estate, or applying for a visa or a mortgage, you are often required to submit a substantial number of supporting documents. These requirements are often different and more complex for freelancers, sole traders and limited company owners.
Our accounting teams are experienced in putting together payslips, dividend certificates, financial or management accounts, accountants' letters and several other documents that you may need to support your application. We can provide you with a quote once you give us instruction on which documents the specific visa office or mortgage providers need.