Self Assessment is HMRC’s system for working out your tax. You must complete a tax return by 05 April every year if you:
• Are self-employed, either as a sole trader or in a partnership
• Are earning enough to pay higher-rate tax
• Are requested to do so by the HMRC
• Have complicated tax affairs (e.g. you derive income from employment overseas or property)
• Have made significant capital gains during the tax year
See our Frequently Asked Questions section to read more on how HMRC decide whether or not it requires a tax return from you.
Keeping the right records is essential. It makes it much easier to manage your tax returns and more importantly it’s a legal requirement – fines and even prosecutions can result from poor record keeping. We have extensive experience in advising on how best to record and maintain your financial records and prepare and present your annual returns.