Don’t delay – file your self-assessment tax return today!

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have more complicated income tax affairs.

Both self-employed business owners and company directors must complete self-assessment tax returns. The right approach to your self-assessment tax return will minimise the aggravation and can reduce the income tax you end up paying.

Our guidance will help you understand the key issues you need to deal with. For help with the specifics, talk to Omni Chartered Accountants; our expertise should save you both time and money.

Registering for self-assessment

There are a number of circumstances under which you may be required to complete a self-assessment tax return. For example, if you:

• Are recently self-employed or have become a partner in a partnership;
• Are a company director
• Have untaxed income — perhaps from rental property — or complicated income tax affairs
• Have an income of £100,000 or more
• Need to pay capital gains tax
• Have expenses to claim

You can find out if you need to complete a self-assessment tax return on the HM Revenue & Customs (HMRC) website, or by giving us a quick call on 01902 837 408.

Don’t delay – file your self-assessment tax return today!

Before you can complete your first self-assessment income tax return, you will need to register with an accountant or with HMRC. You should register as soon as your circumstances change but certainly no later than the 5th October after the end of the tax year for which you need to submit a form.