Income Tax self-assessment

Where tax and national insurance are not automatically deducted from your earnings, HMRC collect your income tax, national insurance contributions, capital gains tax (CGT) and student loan repayments via the self-assessment system. 

If any of the following apply then you are required to notify HMRC by 5 October and file a self-assessment tax return by 31 January:

• you were self-employed as a sole trader and earned more than £1,000 (before taking off anything you can claim tax relief on)
• you were a partner in a business partnership
• you had total taxable of more than £150,000
• you had to pay CGT when you sold or ‘disposed of’ something that increased in value
• you had to pay the High Income Child Benefit Charge
• you want to claim tax relief that isn’t collected through PAYE

Your self-assessment tax return must calculate income tax, CGT and national insurance contributions. You must also retain adequate records. There are penalties for non-compliance. 

You may also need to file a self-assessment tax return if you received any untaxed income during the tax year e.g. income from investments, dividends, savings or foreign income. Personal tax advisors can help you understand your obligations.

As professional tax advisers, we can file your self-assessment tax return and offer tax planning solutions and valuable tax saving strategies

Our self-assessment approach 

We use your accounting records to prepare your Income Tax self-assessment return and, where required, supplementary pages. We then submit the returns to HMRC, giving your piece of mind that all relevant reliefs and incentives have been claimed and that the tax due has been calculated accurately. We deliver you tax saving strategies to ensure you never pay more tax than necessary.

Why choose our self-assessment service

• Professional service - whilst you can submit your return yourself, there is a risk that you do not claim or incorrectly claim reliefs for which you are entitled. At Tech Relief we make sure you only pay the tax that you are liable for by assessing which reliefs you are eligible to claim.
• Tax planning - in addition to filing your returns we identify tax planning opportunities which can help prevent unexpected tax liabilities.
• Tax payment reminders -  we will advise you on when, how and how much tax you have to pay each year so that you don't miss any deadlines and avoid HMRC penalties and late payment interest. Where you are entitled to a refund we will prioritise your work so that you receive your money sooner.
• Affordable prices - we offer fixed fees that are reflective of the size and complexity of your business. 

Contact us

For a free consultation with a Chartered Accountant call us today on 07586 955861 or send us an online enquiry so that we can make sure you meet all your Income Tax requirements.