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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.
Call us today on 0151 724 3960 to arrange your free consultation.
Alternatively, you can email us at email@example.com or you can use our website contact form.
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