Self Assessment ITR

At Current Accountancy, we understand that managing your financial affairs can be challenging, especially when it comes to self-assessment and Income Tax Returns (ITR). That’s why we offer comprehensive support to help you navigate the process with ease.

Our services include:

Expert Guidance: Our experienced team will walk you through every step of the self-assessment process, ensuring you understand your obligations and helping you avoid potential pitfalls.
Income Tracking: We assist you in accurately reporting all your income sources—whether from self-employment, rental properties, or other avenues—so you can have a clear picture of your finances.
Expense Deductions: We help identify and categorise allowable expenses to ensure you maximise your tax deductions and minimise your tax liability.
Efficient Filing: We offer hassle-free online submission of your tax return, ensuring that your forms are accurate and submitted on time to HM Revenue and Customs (HMRC).
Ongoing Support: Our team is here to answer your questions throughout the year, not just during tax season. We provide continuous support to help you make informed financial decisions.

What is Self-Assessment?

Self-assessment, or Income Tax Return (ITR), is a system used by HM Revenue and Customs (HMRC) in the UK. It allows individuals—such as self-employed people, landlords, and those with additional income sources—to report their earnings and calculate their tax obligations.

You can submit your tax return online or using paper forms (until MTD comes in), with the deadline for online submissions typically being January 31st following the end of the tax year. Once submitted, HMRC will inform you of the tax you owe which is also due by January 31st, along with any potential payments on account for the upcoming year. If we are compiling these for you we will have already given you these figures.

Who Needs to File: Individuals who have untaxed income, are self-employed, or earn above a certain threshold must complete a self-assessment tax return. This also includes landlords, those with income from savings, dividends, or other sources.
Reporting Income: Through the self-assessment process, individuals report all their earnings, including salaries, business income, rental income, and any other sources of income.
Calculating Tax: After reporting income, individuals can deduct certain allowable expenses and reliefs to calculate their taxable income. The self-assessment system helps determine how much tax is owed to HMRC.
Submission: Tax returns can be submitted online or via paper forms (at the moment, this will be changing with MTD coming in). The deadline for online submissions is typically January 31st following the end of the tax year, while paper submissions are usually due by October 31st.
Payment: Once the tax return is processed, HMRC will notify individuals of the amount owed. Tax payments are also due by January 31st, with potential payments on account for the following tax year.
Year-End Summary: Completing a self-assessment helps individuals summarize their financial position for the tax year, ensuring they have a clear understanding of their income and tax obligations.

Self-assessment is an important part of managing taxes for individuals with more complex financial situations or multiple income sources, making it key for staying compliant with tax regulations in the UK.

Let Current Accountancy take the stress out of self-assessment and help you achieve peace of mind with your tax responsibilities.