Self-assessment is the system used to collect tax from individuals and businesses with other means of income, via an online or paper tax return.
You will need to complete a self-assessment if you are any of the following:
You may also need to complete supplementary pages for other income:
There are strict deadlines for registering for self-assessment, different filing deadlines depending upon whether you file a paper tax return or online, and key dates for paying tax. Not only do you need to complete the return correctly, but you also have to self-assess. That means calculating your tax liability. And that can be tricky if you don’t know what you are doing. Get it wrong, and you will have to pay a penalty and interest. You’ll also get a penalty if your tax return is late; you’ll have to pay more if it’s later, or if you pay your tax bill late.
Rather than spending hours figuring out which pages to complete, what to put in the boxes, how to calculate any tax due and meeting the filing deadlines, let our complete bookkeeping solution take that hassle away. Don’t waste time or worry about getting things wrong we’ll do it all for you. We will calculate your tax liability and payments on account so that you know exactly how much to pay and when to pay it. We will also send you payment reminders by email so that you know when and how to pay your tax and avoid unnecessary interest and penalties.
Don’t risk incurring unnecessary costs. Let LF Bookkeepers remove the pressure of filing your self-assessment tax return.