Self Assessment Tax Returns are a way the UK government collects taxes, involving both individuals and businesses to report their earnings and calculate what they owe. If you earn money that hasn’t been taxed yet, like from being self-employed, renting property, or investments, you might need to fill out a specific form.
Certain groups of people, such as self-employed workers, business partners, directors of companies (except non-profits), those with savings or investment income, individuals getting rental or property income, and those with earnings from abroad, generally have to complete a Self Assessment Tax Return.
At HKL Accountants, a wide range of services are offered in connection with Self Assessment Tax Returns. These include tasks like computing and submitting taxes, planning for capital gains tax, handling overseas income, resolving tax disputes, and assisting with investigations.
HKL Accountants, with a team of skilled tax professionals, can help you throughout the process of filing your Self Assessment Tax Return. This involves understanding your tax responsibilities, collecting needed information, accurately filling out forms, and meeting submission deadlines.
For paper forms, you should submit them by October 31st, and for online submissions, it’s January 31st of the next year. If you’re filing online for the first time, you must register by October 5th as stated by gov.uk
If you don’t meet tax return deadlines, there can be fines. The first fine is £100, and it increases for later submissions. After three months of delay, daily penalties might apply, and after six months, further penalties could be added. For more information, you may refer to gov.uk