SELF ASSESSMENT
TAX RETURNS
What is it?
Self assessment tax returns exist to tax income that isn't already taxed. Ordinarly, your PAYE salary will have tax deducted, which is income 'taxed at source'. However, if you earn other untaxed income from other sources, you will need to input it into a self assessment and file it with HMRC, and pay the appropriate taxes.
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From 6 April 2024, if your income from PAYE is greater than £150,000, and that is your only source of income, you do need to file a tax return. Prior to this date, the threshold was £100,000.
We Don't Leave it to the last minute
The tax year in the UK is 6 April to 5 April.
Weird dates aren't they?
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Once the tax year completes on 5 April, sole traders can complete their self assessment as early as they please. For those who need to file but are employed, they need to wait until they have received their annual P60 from their employer.
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The annual deadlines for filing of self assessments each year is 31 January. However, we file all of our client self assessments by 31 October each year. Are you ready to work with accountants who file months before the deadlines?
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