The Self Assessment (Personal) tax returns system is used by HM Revenue and Customs (HMRC) to collect income tax. As it is usually deducted automatically from wages, savings and pensions, people and businesses with other income must report it in a tax return.
This is filled in after the end of the tax year (on April 5th) it applies to.
Tax returns can be completed online or on paper, and they must be sent by the deadline of January 31st. To fill them in correctly, records such as receipts and bank statements must be kept. Then, HMRC will calculate the amount you owe, or indeed are owed, based on your tax return.
If you are self-employed, a company director, have income from property above a certain amount or have other untaxed income, you will be issued with an annual tax return.
If you receive one, you are required by law to fill it in which can be a stressful exercise – particularly when you are facing other pressures and deadlines.
Our experts can take care of the process of filling in your Personal Tax Return for you – making it one less thing to worry about.