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Do you need to complete an HMRC self assessment?

HMRC requires certain individuals to complete a Self Assessment tax return every year.

You will need to submit a Self Assessment if you:

  • Are (or were) a company director*
  • Are (or were) self-employed (sole trader/freelancer)
  • Earn income from an overseas source, investment dividends or rental property
  • Earn income from trusts, settlements and estates
  • Have an annual income of £100,000 or more
  • Receive other income that is not taxed at source – for example capital gains or dividends

* A director whose only income is taxed under PAYE, or has no taxable income at all and who has not received a notice to a file a tax return, is not required to report to HMRC or to register for self-assessment.

Take our interactive quiz to discover if you need to submit an HMRC Self Assessment.

UK tax deadlines for individuals and partnerships

Over 11 million people need to file an HMRC Self Assessment tax return every 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

Download this table

Tax/other obligation

Deadline

Penalty

Income Tax return (self assessment)31 January following the end of the tax year for electronic returns.

31 October following the end of the tax year for paper returns.		Depends on how late:
  • Missed deadline: £100
  • 3 months: £10 a day
  • 6 months: 5% of tax due or £300 if greater
  • 12 months: 5% of tax due or £300 if greater
Income Tax payments31 January balancing payment for the previous tax year and first payment on account of the current year.

31 July second payment on account for the current tax year.		Depends on how late:
  • 30 days: 5% of tax due
  • 6 months: 5% of tax outstanding at that date
  • 12 months:5% of tax outstanding at that date
VAT (if registered) quarterly return and payment1 month and 7 days after quarter endSurcharges can apply if you don’t file (or pay in full) by the deadline more than once in a 12 month period.

Level of surcharge depends on turnover and number of failures, ranging from 2% to 15% of the VAT outstanding.
PAYE (if an employer) RTI returnOn or before payment made to an employeeIn year submissions:
  • Can be up to 3 days late without penalty
  • Special rules apply in numerous situations
Final submission:
  • £100 per 50 employees for each month.
PAYE payment19th of each month (if making manual/electronic payment) unless arranged for a quarterly or annual scheme

Class 1A NICs: 19th of July following the end of the tax year		Late monthly and quarterly payments:
  • 1% to 4% of late amount depending on how many more times a payment is made late
  • No penalty if only one payment is late in any tax year, unless more than six months late
  • Additional 5% if more than six months late
  • A further 5% if still not paid after 12 months
Annual payments (e.g. Class 1A NICs and PAYE Settlement Agreements):
  • Up to three penalties of 5% of the amount that is late, depending on the length of time that the amount is not paid in full
Tax credits renewal31 JulyIf deadline is missed:
  • Tax credits payments will stop
  • Have to repay any amounts received since 6 April

Inheritance planning

Inheritance planning is key if you are likely to have assets in excess of £325,000.

There is a potential tax liability if your estate - your assets at the time of your death - exceeds this amount, but there are ways to reduce or even eliminate the liability. The legislation is complex, making the right advice critical.

We offer:

  • A consultation with one of our experienced and regulated Financial Planners and Wealth Managers
  • A comprehensive Inheritance tax UK planning review
  • Specific tax advice and planning for you, and your partner, if applicable, to follow

We offer specialist, personalised, end-to-end accounting and tax advice.

Capital Gains Tax on property

If you're a non-resident for tax purposes in the UK, a direct or indirect disposal of UK property will require the submission of a Capital Gains Tax return within 60 days (disposals from 27/10/21 onwards) following completion of conveyance, even if there's no capital gains liability.

If you're UK tax resident, you only need to submit the capital gains return if the disposal has created a taxable gain.

We can help you determine your tax liability and make sure the whole process runs smoothly so you avoid any costly penalties. 

The benefits of our accounting and tax service

Approachable and personable accountants

Tailor-made services

A high-quality accounting solution

The backing of a reputable accounting firm

Quality control exercised on your behalf

Value-adding initiatives

What to consider when choosing a personal tax accountant

The contractor/freelancer 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 thisWhat 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.

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 wealth, immigration, tax and foreign exchange services.

Complementary services

When you're buying real estate, or applying for a visa or a mortgage, you are often required to submit a substantial number of supporting documents. These requirements are often different and more complex for freelancers, sole traders and limited company owners. 

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.

Get in touch

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