Self-Assessment Tax
Focusing on Your Tax Requirements
Self-Assessment Tax
Are you a a self-employed individual, a small business owner, or simply looking to ensure you’re compliant with UK tax laws?
Our self-assessment tax page is here to help. Start your tax filing journey with Folkes Worton today!
A Self-Assessment Tax Return is a declaration of your personal income received during the year, be this dividends received from a company, property income or self-employed income.
The Self-Assessment period runs between the 6th April and the 5th April.
31st January after the Tax Year end, giving you 10 months to submit.
You must pay your tax liability by the 31st January every year – this is unless you make payments on account then you will have a balancing payment in January, followed by a ‘payment on account’ in July.
A payment on account must be made when you have a liability greater than £1,000, this is then a payment towards next year’s tax liability based on your current earnings.
This is when you have not paid enough tax on account and you owe more, almost only ever happens if your income increases.
A Self-Assessment Tax Return is a declaration of your personal income received during the year, be this dividends received from a company, property income or self-employed income.
The Self-Assessment period runs between the 6th April and the 5th April.
31st January after the Tax Year end, giving you 10 months to submit.
You must pay your tax liability by the 31st January every year – this is unless you make payments on account then you will have a balancing payment in January, followed by a ‘payment on account’ in July.
A payment on account must be made when you have a liability greater than £1,000, this is then a payment towards next year’s tax liability based on your current earnings.
This is when you have not paid enough tax on account and you owe more, almost only ever happens if your income increases.
- Self-Employed or a partner in a partnership.
- Receive a salary over £100,000.
- Receive property rental income.
- Higher Rate Taxpayer who is making payments into a pension.
- Receive income from abroad.
- Receive interest from banks of over £1,000.
- You have a higher rate taxpayer (Above £50,000) in your household and also get Child Benefit.
- Received a capital gains liability during the year.
- Help you understand HMRC Statements.
- Communicate with HMRC on your behalf, saving you time and helping to make your returns less confusing.
- Manage your payments on account. We can help you reduce payments on account in years when you know your income has dropped, helping you to plan better and ease cashflow.
Why choose Folkes Worton?
Folkes Worton has a number of Tax Specialists, including Matthew Morris who has been CTA qualified for over 15 years. He has a vast range of expertise and his Tax Team can help you navigate the complex world of tax filing and ensure you’re paying the correct amount of tax based on your individual circumstances.
We deal with a number of clients in a wide variety of different business areas. We have over 1,000 tax clients, ranging from company directors needing to file a return, individuals with investments in the stock market, people with investments in property and a range of different sole trader and partnership businesses.
This gives us the unique ability to have an expert eye into your business as we are dealing with so many people like you, this means we can cater to your individual needs whilst ensuring we are time and cost effective.
Knowing a wide range of industries and our strong knowledge of HMRC Tax laws this enables us to be able to maximise your tax saving through increased hidden expenditure you may now know about.
We always say as Tax Specialists ‘We will save you more than we cost!’
Call Folkes Worton today on 01384 376 964 to discuss your tax requirements.
For further information, visit our ‘Insight’ blog ‘Do you need to register for self-assessment?’ by CLICKING HERE