Self Assessment tax return
If you are self-employed, you need to let HMRC know by registering for Self Assessment with them. This is done online or over the phone. You then must submit personal tax returns ("Self Assessment" returns) declaring your earnings for each tax year. You will pay any outstanding taxes before 31 January for the previous tax year, which runs from 6 April to 5 April the following year.
You will need to complete a Self Assessment tax return if:
- You are self-employed
- You have income from savings, investment or property
- You have Capital Gains Tax to pay
- You have income from trusts, settlements and estates
- You are a company director
- You have an annual income of £100,000 or more
- You receive income from overseas
If you haven’t filed your Self Assessment return by the deadline on the 31 January, you will be liable for a £100 penalty on 1 February.
We can assist you with advice about your return and with the return itself. Our process is simple, quick and very competitively-priced. We also quote in advance of the work so that you don’t get any surprises once your return is done. We lodge all our returns electronically as it is quicker and more secure. Our fees depend on the type and number of income streams you have. Contact us for a quote.
Common tax filing deadlines
Here are some of the most important tax and filing deadlines that you need to keep in mind throughout the year. Missing any of these deadlines could lead to heavy penalties, so ensure that you set reminders and keep up to date with your filing obligations.
|What is due||Due date|
File first accounts with Companies House
21 months after the date you registered with Companies House
File annual accounts with Companies house
9 months after your company's financial
Pay Corporation Tax or tell HMRC that your limited company doesn't owe any
9 months and one day after your "accounting period" for Corporation Tax ends
File a Company Tax Return
12 months after your accounting period for Corporation Tax ends
Self Assessment tax return
For online submissions, 31 January after the end of the tax year
For assistance with meeting any of these deadlines, simply fill in the form on the bottom of this page and one of our contractor accountants will get in touch with you.
What to consider when choosing an accountant
The contractor accounting marketplace is a competitive space, and unfortunately there are many unregulated accounting companies out there. The industry is controlled by regulations and legislation that your accountant should be aware of. We advise you to consider the following aspects carefully when making this decision:
|Make sure that you do this||What Sable International does|
Check that the accountant has a solid track record and a good reputation in the industry.
We are well-established in the industry, and have been in business for over 20 years.
Ensure that the accountant has professional qualifications or is registered with an accounting governing body.
We are regulated by the ICEAW.
Check that the accountant has professional indemnity insurance. If the advice provided to you was incorrect, you could claim for any financial loss suffered.
We have professional indemnity in place.
Look for a proactive accountant who includes all returns and accounts in their accounting package.
Our all-inclusive accounting services include the filing of all statutory returns and requirements.
Consider an accountant that provides other, complementary services. This will be a great added value to you, as all your professional matters can be dealt with in one place.
We also offer offshore, immigration, tax and foreign exchange services.
When you're applying for a visa or a mortgage, you are often required to submit a substantial number of supporting documents. These requirements differ for salaried employees and those who are self-employed or working through a limited company.
Our accounting teams are experienced in putting together payslips, dividend certificates, financial or management accounts, accountants' letters and several other documents that you may need to support your application. We can provide you with a quote once you give us instruction on which documents the specific visa office or mortgage providers need.
For more information on visa and mortgage support documentation, contact our team on firstname.lastname@example.org and one of our contractor accountants will be happy to advise you further.