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If an individual working as self employed in UK and already registered for UTR number he/she must have to submit self assessment with HMRC by 31st January succeeding year. It is a system HMRC uses to collect
taxes from Individuals who registered self employed.
In simpler words who are other than PAYE earning income in UK are considered as self employed.
Self Assessment Tax Returns are a way for freelancers, self-employed and others to declare how much they have earnt, and thus how much they owe in tax. If your income is already taxed by PAYE, this does not
automatically mean you are exempt. HMRC Self Assessment tax returns differ from the Pay As You Earn (PAYE) system in many ways. Under PAYE, tax is deducted automatically from wages, pensions and savings.
You might still have to file a UK tax return to declare any other income earned or claim a tax refund. If you are in any doubt, speak with our team to find out.
The process is intended to be as simple as possible but due to the complexities involved, this is not always the case. For example, some people may be entitled to a tax rebate that they are not aware of, or they may not know how to claim back everything they are owed. There are also deadlines to meet, with penalties for late applications.
If you complete a Self Assessment tax return, you include all your taxable income, and any capital gains. You also claim any tax allowances or reliefs that you are owed on the tax return, so it is worth knowing what you are entitled to.
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It is not only the self-employed who need to declare their earnings to HMRC and submit a Self Assessment Tax Return. Even if your income is already taxed by PAYE, this does not automatically mean you are
exempt. You might still have to file a UK tax return to declare any other income earned or claim a tax refund.
If you’re wondering ‘Do I have to submit a self assessment tax return?’, you will need to if you fall into one of the following categories:
Filing a Self Assessment tax return means showing HMRC a full picture of your finances, so the more information you have documented, the better. Here are a few examples of important documents which you should hold on to:
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Self Assessment tax returns are supposed to be simple, but in reality this can be far from the truth. Tax2u offer a Self Assessment tax return service where we handle all of the paperwork for you and take all
of the stress out of your hands. You no longer need to worry about missing the deadlines, making costly errors or missing opportunities for tax rebates that you are entitled to.
At Tax2u we understand that when you are self employed, life can get extremely busy and dealing with HMRC is a hassle that you don’t need. The last thing you want is to waste valuable time wondering how to submit a tax return, or worrying about making mistakes that could end up costing you. Our team have a wealth of experience handling Self Assessment tax returns, so you can have complete peace of mind that your HMRC Self Assessment will always be completed on time and with all the correct information.
If the thought of filing your own tax returns fills you with dread, allow us to do all the hard work for you, to save you valuable time, stress and money. We can advise you on minimising tax liability and answer any questions or concerns that you may have.