If you are Self Employed then you are liable to pay income tax through the Self Assessment Scheme. This means at the end of each tax year, you will need to complete a Self Assessment Tax Return
Self Assessment
In completing this return it is vital that you keep full accurate records of all of your income and expenses incurred during the tax year. Failure to do this could result in penalties from HMRC and could mean that any tax liability is not correctly calculated.
Let us deal with this stress for you and ensure that all deadlines are met - just provide full details of your business income and expenses for the tax year.
This can be done at the end of every tax year, or we can agree regular updates the year to ensure that records are kept accurately, and provide you with ongoing management reports in respect of the records.
As a self-employed sole trader we will produce your year end accounts, complete and file your tax return, compute your tax liability and advise you of the payment due.
To avoid penalties the Self Assessment return must be submitted to HMRC by set deadlines:
For the tax year 2023-24
31st October 2024:
For paper returns.
30th December: For on-line returns if the tax due is less than £3,000 and you want this to be collected via your PAYE Tax Code.
31st January 2025: For online returns and payment of any tax owing.
Self Assessment Tax Returns