Self Assessment: We make it simple

What is Self Assessment?

Unlike employees, who are generally subject to PAYE, directors and self-employed individuals living in the UK must submit self-assessment tax returns. This is a time-consuming procedure and must be done well in advance to avoid penalties and unnecessary stresses. 

Directors of companies and self-employed individuals sometimes attempt to complete this process on their own. Unless you are very familiar with UK tax codes, we recommend using an experienced tax consultant like Sable Accounting.

Who needs to complete a Self Assessment?

The following is a list of some of the individuals who are required to complete a Self Assessment:

• Self-employed individuals
• Company directors
• Those who earn £100,000, or more, in a year
• Individuals who receive taxable income from abroad while living in the UK
• Trustees of registered pension schemes or trusts
• Those who received £2,500 or more in untaxed income;  including renting out a property or earning interest on investments or savings

How Sable International can help you

A great way of making sure your Self Assessment is always done correctly and on time is to hire a tax advisor. Ensuring clients complete their Self Assessment is just one service we offer our registered clients. With our expertise and experience, our clients rest easy knowing their tax affairs will be dealt with efficiently. 

This year, the average waiting time for getting through to HMRC was 47 minutes, with some tax payers reporting waits of up to four hours. As the Self Assessment deadline nears, you can expect the staff at HMRC to come under increasing pressure due to the surge in the number of queries. This will make it even harder for tax payers to get their submissions in on time.

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If you haven’t signed up with Sable Accounting please call us on +44 (0) 20 7759 7554 and we'll help you with your 2014/2015 tax assessment. If you are an existing client, please get in touch with your accountant at Sable if you have any queries.