Self-assessment tax is an important type of return that you need to be aware of. Typically, tax is automatically deducted out of your wages, pension or savings. But, if you receive income from somewhere else (such as a business) you may need to file a return.
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We understand completing a self-assessment can be a long and tedious thing. But when you hire our service, we do all of the work for you and make sure it is handed in on time.
We provide daily support and long term advice as part of the service we offer. We are proud to have over 10 years of experience in delivering a jargon-free friendly service for each of our valued clients and we continue to grow our practice year on year.
Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee’s income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.
Anyone who received income that was not covered by PAYE in the year to 5th April 2014 needs to complete a tax self assessment by 31st January. The deadline for submitting paper tax returns passed on 31st October 2015 – so you will need to do it online.
As a Small Business Owner – What Keeps You Awake At Night?
The most common answer is NOT KNOWING WHERE YOU STAND with respect to your business. We are accountants that helps our clients sleep better.