Normally, if your only income is from wages, a pension, or a small amount of interest on savings, then you won’t need to complete a Self-Assessment tax return because the tax on these has already been deducted automatically.

Some exceptions to this include;

• if you earnt £100,000 or more in the previous tax year as an employee or pensioner,
• earning £10,000 or more from savings interest or investment income
• earning £2,500 or more from untaxed income, e.g. bonuses or commission.

Estimates show that more than 3.5 million tax returns have already been submitted, with 12 million expected in total and all need to be filed by the end of January. Which is why HMRC are encouraging people to submit their return as early as possible. Filing early has advantages, including avoiding a last-minute panic and knowing what you owe in tax so you can budget for it.

If you need to complete a self-assessment tax return this year but haven’t completed one before, then you will need to register first before you can send the tax return in to HMRC. The registration process can take a few days, so it is best to start this in good time and certainly well before the end of January.

If you are unsure whether you need to fill in a Self-Assessment form, please contact us.
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How can we help you?

We act for a variety of individuals and unincorporated businesses and can provide tailored advice to suit your needs.

If you are self-employed and are filling in a Self-Assessment tax return as a sole trader, we can help you meet your tax reporting requirements, identify all deductible expenses and reliefs available to you to ensure you can fully concentrate on growing your business.

If you receive taxable income from abroad, or have assets in more than one country, our team can help you navigate complex double taxation agreements to ensure that you minimise the overall taxes paid worldwide. You can usually claim Foreign Tax Credit Relief when you report your overseas income on your tax return, something we can help you achieve.

If you owe Capital Gains Tax (CGT) from selling assets at a profit, there is a tax-free allowance, as well as some additional reliefs that may help reduce your CGT bill, all of which we can help with.

If you run a limited company, you’ll need to file a company tax return in addition to a tax return on your personal income.

No matter the reason why you need to fill in a Self-Assessment tax return, we can fill in and send your tax return for you and provide you with any advice relating to Self-Assessment tax returns.

If you do need help with your Self Assessment tax return call us on 01482 772261 or email info@kaizengroup.uk. We will be very happy to help you with any query you may have or come and see you for a no cost initial consultation.

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