Self assessment

Personal income tax returns

Self-assessment tax returns are due from all self-employed individuals, businesses operating as partnerships and company directors and must be completed by 31 January each year.

Any tax you owe must be paid to HMRC by 31 January and, in some cases, also by 31 July each year. Unfortunately, because they are busy people, many business owners leave this to the last minute and, as a result, fail to budget for their tax bill. Others miss the deadline altogether and face fines, penalties or even prosecution.

The best way to remove the stress of getting your return done and submitted on time is to let us look after it for you. This is a core part of the accounting and tax services we provide to business. It’s also our opportunity to make sure you claim tax reliefs and allowances that can reduce your tax liability.

Self-assessment for sole traders and partners

For an accurate self-assessment tax return, you must keep records of the expenses and income of the business. You’ll also need to maintain an accurate record of any other personal income, such as from property rental or investments.

If your business trades as a partnership and you’re the nominated partner in the partnership, it’s your statutory obligation to keep the partnership’s records.

Record keeping rules for company directors

The record keeping requirements for limited companies are a bit more involved than those for sole traders and partnerships. Those running a limited company – the directors – are obliged to keep and maintain detailed records for the accounting of the business.

Our self-assessment service includes…

• Preparation of annual tax returns
• Tax reliefs and allowable expenses
• Submission of timely returns
• Dealing with HMRC on your behalf
• Maintenance of tax records