Self-assessment return service is designed for individuals who keep good records of their income and may have prepared their own business accounts (sole traders or Partnerships) and would like our accountants to work out their income tax liability as well as to complete and file their self-assessment tax returns for them.
Most people living in the UK are required to pay income tax on their income. Your Income can be from business profits trading as sole traders, partnerships, salaries, wages, tips, commission, property rent, dividends, and so on.
Generally, you must pay your income tax in three installments: the first payment on 31 January the next payment on 31 July, and the final payment on 31 January of the following year.
You must file your self-assessment return to HMRC before or on 31 January. Any tax overpaid for the accounting year will be refunded to you by HMRC.
There are interest penalties on unpaid taxes and a fine if you file an incorrect self-assessment return.
Please be informed that all our new clients are subject to due diligence check under the Money Laundering Regulations 2017.