A self assessment tax return is used to inform HMRC of all income, including foreign income, you earn during the tax year. It will also let HMRC know if you over- or underpay your tax for that tax year. Any underpaid tax will have to be paid when the tax return is filed.
An overpaid tax will be refunded by HMRC.
You will need to register and file your tax return after your business starts. The registration for a self assessment tax return is by 5 October after the end of a tax year. You can choose to file either a paper tax return or online. The deadline is 31 October and 31 January after the end of the tax year for a paper return and online tax return respectively. However, if a notice to file a tax return is issued after 6 April, the deadline may be extended by 3 months. The tax year runs from 6 April to 5 April the following year.
So if your self employed/sole trader or partnership business started between 6 April 2019 and 5 April 2020, you must register for your self assessment tax return by 5 October 2020 and file your tax return by 31 January 2021 if you choose to file it online. There are penalties for late filing your self assessment and/or partnership tax return.
If you start your business as a limited company, you will have to register for corporation tax and file your tax return within 12 months after your company year end. A company year end can be any month. There are also penalties for late filing corporation tax returns.
In both cases, interests for late payments will be charged.
Company directors and/or employees, who have other income such as rental income from their property or dividends, must also register and file their self assessment tax returns by the same deadlines.
We have substantial experience and expertise in self assessment & partnership registration and tax return services. We will provide advice and/or assistance with all your tax return requirements. Our fees are very competitive and can start from as little as £150 per tax return per year. Although the fees may be small, our services are always at the highest quality and our support is unlimited. We have helped clients fulfil all of their tax return obligations within the deadlines and with little cost.
Our specialism in tax return services also extends to include advice on your tax savings and assistance with tax efficient ways of withdrawing funds from your business. If you are looking for quality tax return services, contact us today to see how we can help you with:
The deadline for filing your 2019-20 self assessment tax return is approaching. Don’t wait until the last minute! Contact us today.