Self Assessment Tax Returns

An individual has to submit a Self-Assessment Tax Return to HMRC every year if they have more than one source of income or any other source of income other than employment.

The tax year runs from 6 April to 5 April and the deadline for submission this to HMRC is the following 31 January.

The tax return collates all of the income that an individual receives and then calculates how much Income Tax and National Insurance there is to pay.

The most common income streams are employment, dividends, property rental, capital gains and pensions. There are a number of others that we can chat about in detail if required.

Here at MJF Accountancy, we can help you through this process by reminding of your responsibilities in a timely manor, collating the information together and then finally submitting to HMRC on your behalf. If any Income Tax or National Insurance Contributions are due, we will ensure this is correct and then advise you on the liability as well as methods on how to pay it.


So what are you waiting for?

Call us today on 0151 724 3960 to arrange your free consultation.

Alternatively, you can email us at admin@mjfaccountancy.co.uk or you can use our website contact form.

Changing priorities at HMRC

HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.

08 May 2018

GDPR compliance deadline looms

The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.

08 May 2018

Tax reliefs following the Scottish Budget

The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.

08 May 2018

EMI options may not qualify for tax relief

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options.

08 May 2018

P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC.

08 May 2018

VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.

08 May 2018

HMRC consultation on benefits exemption for workplace charging facilities

HMRC are consulting on the tax exemption which will apply from 6 April 2018 on workplace electric charging facilities used by employees.

08 May 2018

GDPR

New data protection rules from General Data Protection Regulation (GDPR) will replace the Data Protection Act in the UK from 25 May 2018.

04 Apr 2018