Self-Assessment FAQs
Below is a list of Frequently Asked Questions regarding self-assessments. If you have any other questions, please don’t hesitate to contact your accountant, who will be happy to answer any questions you may have.
Once you are ready to submit your self-assessment information, simply click here and fill out the form.
Company directors, those who have untaxed income (such as rental, or dividends), self-employed, those with income over £100,000, those who need to repay child benefit, or have made a capital gain. More information can be found by clicking here.
If you have not already registered, please do so as soon as possible by clicking here.
Both the tax and the return are due by 31 January. If you have a payment on account due, the second element is due before 31st July.
There is an automatic £100 penalty for a return up to 3 months late, then a daily £10 penalty should the return be later than this. More information can be found by clicking here.
Interest is payable at 2.25% on any outstanding balance. A penalty of 5% of the outstanding liability is applied if the tax remains unpaid after 30 days, with a further 5% penalty if still unpaid after 6 months.
Payments on account are payments made towards next year’s tax bill. The balance due is based on last year’s tax bill, with 50% payable on 31 January, and a further 50% due before 31 July.
Alongside your personal information, we require the details of any personal income you have received and any potential tax relief payments made.
As soon as possible, but we would appreacate the information by 31st October in order to meet the 31 January deadline. Please contact your dedicated accountant as early as possible, if you will not be able to meet this deadline.
A ‘unique tax reference’ to identify you as a taxpayer. We need this to file the return. HMRC will issue this when you register for self-assessment if you are not already registered.
You need to register with HMRC. You can do this by clicking here.
Please try to provide as much information as possible, such as the amount of income received as well as the tax deducted at source. A final payslip received is a good indicator of this. If we do find we are missing any information required, we will inform you.
Alongside your income tax, student loan repayments could be due. If you earn over £50,000 and receive child benefit, an element of this could be repayable back to HMRC. Please ensure you complete the full questionaire so we can highlight any amounts due.
Donations to charity and contributions to pension schemes can obtain tax relief. Also, investments in certain companies can act as a tax reducer, such as EIS, SEIS, VCT and SI.
If you are expecting your income to be reduced or you are now receiving income through PAYE there is the possibility of reducing the payments on account. Please advise your accountant if you think this will be the case.
As a default, you will still need to complete a return but depending on your exact circumstances you may be able to contact HMRC to remove your notice for a return to be completed. Please speak with your accountant for more information.
