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Tax Returns

UK Tax Returns

Tired of worrying about getting your tax return correct and submitted on time, and need a smooth and seamless tax return service? We can help you meet every self-assessment tax return deadline, so you can sleep easy knowing that you have met your compliance obligations, and you will not receive any unexpected penalties.

Whether you are a seasoned taxpayer or someone approaching this for the first time, it is important that your tax return is prepared correctly and promptly and that any difficult issues are considered properly and disclosed to HM Revenue and Customs (HMRC) accordingly. This is why all our clients’ tax returns are considered in detail by a Chartered Tax Adviser, and our team is structured to prepare your tax return in an efficient and cost-effective manner.

Understanding Self-Assessment Tax Return UK?

Self-Assessment is not a tax – rather it is a way of paying your tax obligations.

The idea of self-assessment is that it places the responsibility on you as the taxpayer to complete a tax return each year, should it be necessary, and settle any owed taxes for the respected tax year. This tax return will include all your taxable income, including any capital gains. Moreover, in this annual submission to HMRC, you have the opportunity to claim any tax allowances or reliefs to which you are entitled.

The information you provide on the tax return is used to calculate your tax liability for the year. This process is called Self-Assessment.

Do I need to complete a Self-Assessment Tax Return?

In the UK, a large percentage of individuals fulfil their tax obligations seamlessly through methods like Pay As You Earn (PAYE) if they are employed, without having to go through the process of filing a tax return.

Therefore, Self-Assessment does not need to be filled out by everyone and if you are unsure about whether you need to submit a tax return, feel free to request a call back for a no-obligation discussion.

However, submitting a tax return may be necessary for a particular tax year (6 April – 5 April), if any of the following apply:

  • 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 a taxable income of more than £100,000.
  • You had to pay High Income Child Benefit Charge.

Submitting a tax return may also be necessary if you had any untaxed income, such as:

  • Money from renting out a property.
  • Tips and commission.
  • Income from savings, investments, and dividends.
  • Foreign income.

This list is not exhaustive, and to check if you need to send a tax return use the tool on the GOV.UK’s website - Check if you need to send a Self-Assessment tax return. Some exceptions and reliefs do apply, so please do contact any one of our expert tax advisors to get further in-depth information on this topic.

If you determine you need to send a tax return, you will need to register for Self-Assessment and keep records (i.e. bank statements or receipts) so you can fill your tax return in accurately and correctly. You can send your HMRC tax return either online or by paper (however, the deadlines for sending returns do differ between the two along with other individual circumstances, so bare this in mind!).

Are you a company director?

Then you may have been informed that you are required to submit a tax return, even if you have no tax liability to report.  However, this is not the case, as our blog post on HMRC Guidance Update: Directors Not Required to Submit Returns can explain in more detail. Having the position of director is not, on its own, reason to submit a tax return.

FAQ’s

When do I pay my tax liability?

If you have never sent a tax return before and this year you need to complete one, you must tell HMRC by 5 October.

“When are tax returns due” is a common question for many people. But the answer to this varies depending on the method you chose to submit your tax return. If you are planning on submitting a paper tax return, you must do this by midnight 31 October (of the relevant year). However, if you were to submit your tax return online, you would have until midnight 31 January (of the relevant year) to submit this.

If you are late submitting your return, you will usually have to pay a penalty. This late penalty fee is £100 if your tax return is up to 3 months late. If it is any longer than this, you will have to pay more, and interested is charged on late payments.

However, you may wish to appeal against this if you believe you have a reasonable excuse. Some examples of situations which may count as a reasonable excuse include:

  • Death of partner or close relatively close to the deadline.
  • You had a serious or life-threatening illness.
  • Postal delays you could not have predicted.

This list is not exhaustive and for clarification on whether your personal circumstances constitute a reasonable excuse look at the GOV.UK’s website for further guidance.

What are payments on account?

Payments on account are advance payments you make twice a year towards your Self-Assessment tax bill. HMRC estimate how much tax you owe for the upcoming year based on your previous year's tax bill, (each payment being half your previous year’s tax bill). Payments are usually due by midnight on 31 January and 31 July.

You pay this estimate over two instalment dates for the purpose of spreading out your tax payments throughout the year. If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.

If you know your tax bill is going to be lower than last year, you can ask HMRC to reduce your payments on account. You can do this either online or by post.

How to view old tax returns?

You can access your past tax returns by following these steps:

  1. Login in or register to HMRC Online Services.
  2. Select ‘Self-Assessment’.
  3. Click on the link ‘View and manage your self-assessment tax return’.
  4. Follow a subsequent link labelled ‘View your tax year overview’.
  5. Pick the desired tax year you wish to print or save.

Testimony:

"I have engaged PD Tax Consultants for a number of years in respect of my personal tax affairs. They provide an excellent efficient and competitive service."

- October 12, 2023.

Why PD Tax?

A wide range of loyal clients trust PD Tax to deliver the best possible service.

If you feel that the information above has some relevance to you or you require assistance in filing your tax return, please contact a member of our team for a no obligation conversation about your requirements.

Contact us today to discuss your tax requirements.
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