Personal Tax Advisor & Accountants in London

Providing services for Personal Tax Advice, Personal Tax Return by Expert Tax Advisers - Accountants in London, UK. Personal tax return (Self Assessment / self-employed) is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.
At S & B Accountants, we are happy to complete your self-assessment registration and committed to prepare your tax return and submit it on time to HMRC.
Who must send a tax return
You must send a tax return if, in the last tax year (6 April to 5 April), you were: • self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on) • a partner in a business partnership You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as: • money from renting out a property • tips and commission • income from savings, investments and dividends • foreign income
Deadlines
HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline. The last tax year started on 6 April 2020 and ended on 5 April 2021. Self Assessment Deadline Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership 5 October 2021 Paper tax returns Midnight 31 October 2021 Online tax returns Midnight 31 January 2022 Pay the tax you owe Midnight 31 January 2022 There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’). You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse.
Penalties
You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill. You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll be charged interest on late payments. Estimate your penalty for Self Assessment tax returns more than 3 months late, and late payments. You can appeal against a penalty if you have a reasonable excuse.

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