As a self employed person you are responsible for submitting your self assessment tax returns once a year to HMRC. The deadline for submission of the tax returns in 31 January for the tax year that ended the previous April. This means that the tax return for the 2015-2016 Tax Year that ended in April 2016 is due by the end of January 2017.
Many people with different sources on income have to submit self assessment tax returns each year. A sole trader certainly has to do so Members of a partnership have to submit a tax return for the partnership. They then have to submit individual self assessment tax returns for their personal finances.
Any earned income subject to PAYE is included on the tax return . Your self employment income and the PAYE income are then added together so that the correct tax is paid on the overall total
Your Solution to the Problem
Self Assessment Tax Returns are what it says on the tin – self assessment. HMRC will take the tax based on the figures you have given them as you are self assessing. Each year up to 20% of those submitting self assessment tax returns get them wrong . They then either pay too much tax or are fined for paying too little. It can be expensive to get it wrong.
Please see our Blog on some of the potential pitfalls of self assessment tax returns . https://www.barkleybusinessservices.co.uk/category/news/
We can help you to get it right . You can put your tax affairs to bed for another year and move on with your business. Contact us now with any queries . We would be pleased to take it off your hands