Self-assessment tax returns
You must complete a self-assessment income tax return if you are in business, either as a self-employed person or as a company director. Simple planning and the right advice can make completing your income tax return relatively painless.
Self-assessment tax return records
If you instruct us to complete your tax return we will need details of any employment income and other types of personal income, such as savings income. We will also need details of any reliefs you will be claiming on your income tax return such as for pension contributions or gifts to charity.
If you are self-employed, we will need your business tax records. If you are in a partnership, you’ll need to include details of your share of the partnership income on your self-assessment tax return, but the partnership also needs to file a partnership tax return.
If you have acquired stock or shares and sold them at a later point, we will need details such as the respective purchase price, sale proceeds, the transaction dates and currencies. We will then be able to calculate the capital gains or losses to include in your tax return.
Self-assessment tax return deadlines
Unless required to file a paper return, we file all tax returns online. These need to be filed online by 31 January following the end of the tax year (5 April). Your self-assessment tax return planning needs to work towards this deadline. Failure to file your return and pay any resulting tax due on time will result in penalty charges.
If you need to complete a self-assessment tax return, you may be notified automatically by HM Revenue & Customs (HMRC). If you aren’t, it’s up to you to let them know that you need to file a return. If you were self employed during the previous tax year and HMRC doesn’t already know, you must register by 5 October at the latest.