Self Assessment
Avoid unnecessary stress and confusion about self assessment with ARB Accountants. Our team of chartered accountants are here to make the process of self assessment clear and simple, from registering for self assessment, right through to filing your tax return.
If you have any source income that is not taxed as PAYE, you need to register for self assessment with HMRC. This applies to anyone that is self-employed, a director, or a member of a partnership.
Our self assessment service:
Self assessment and tax returns can be a complicated process. We’re here to help you understand what you need to do, and ensure that you are compliant with UK tax laws. Our self assessment service includes:
Compliance
Our experts will ensure that you understand and meet regulatory compliance obligations.
Tax Returns
Preparing your tax returns and filing with HMRC correctly and on time.
Payment Reminders
Advising you about payments on account, avoiding any late payment penalties.
Claims & Disputes
Handling any claims for allowances, reliefs, and dispute resolutions where appropriate.
HMRC Agent
We can act as your agent and liaise directly with HMRC on your behalf.
Why Choose ARB Accountants?
Our friendly and experienced team will help you to navigate the complexities of self assessment with a tailored service to suit your exact requirements. We understand that your finances can be a complex issue, so will always work with you to help you understand it better. We pride ourselves on the relationships we build with our clients and are always on hand to answer any questions you might have about your finances.
Frequently Asked Questions
Discover more about our Self Assessment Services in Southend.
How do I know If I need to register for Self Assessment?
You’ll need to register for self assessment in the UK if:
- You are self employed
- You are a partner in a partnership
- You are a company Director
- You are a landlord or receive any form of rental income
- You receive foreign income that is taxable in the UK
- You earn over £50,000 and claim Child Benefits
- Your total annual income surpasses £100,000
If you’re still unsure whether or not you need to register for Self Assessment, book a free consultation with ARB Accountants to help you understand what is required of your business.
I’m both employed and self-employed – do I still need to register for Self Assessment?
Yes, if you earn more than £1000 per year in self-employment you will need to register for self-assessment. On your tax return you will need to fill in the Employed section and the Self Employed section. ARB Accountants are here to help you understand the complexities of self assessment tax returns whether you’re fully self employed, a freelancer or have a side business to your regular job.
How do I register for Self Assessment?
ARB Accountants can help you with registration for Self Assessment. If you prefer to go it alone, you’ll need to register online with HMRC. They’ll then be in touch with your Unique Taxpayer Reference (UTR), which you’ll need when you file your tax return.
When do I need to submit my Self Assessment Tax Return?
You must submit your Self Assessment Tax return each year by the given deadline or face penalties. For paper tax returns the deadline is 31st October. For online tax returns the deadline is 31st January. With our Self Assessment service, ARB Accountants will ensure that your tax return is filed accurately and on time giving you peace of mind and saving you a lot of administration.
When is my income tax due to be paid?
You have to make 2 payments on account every year unless:
- Your last self assessment tax bill was less than £1,000
- You have already paid more than 80% of all the tax you owe through PAYE
Each payment on account is half your previous year’s tax bill. Payments are due by 31st January and 31st July. For example, for the tax year 2020-2021, the first payment on account is due by 31st January 2021 and the second payment on account is due by 31st July 2021.
What are the penalties if I was late in filing my tax return and paying the income tax?
If you are late filing your self assessment tax return, or paying your income tax, HMRC may impose penalties or fines upon you. The table below outlines some of the penalties associated with late tax returns and payments.
| Late filing | Late payment | Penalty |
| Miss filing deadline | £100 | |
| 30 days late | 5% of tax due | |
| 3 months late | Daily penalty £10 per day for up to 90 days (max £900) | |
| 6 months late | 5% of tax due or £300, if greater* | |
| 6 months late | 5% of tax outstanding at that date | |
| 12 months late | 5% or £300 if greater*, unless the taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due. | |
| 12 months late | 5% of tax outstanding at that date | |
| 12 months & taxpayer deliberately withholds information | Based on behaviour:deliberate and concealed withholding 100% of tax due, or £300 if greater.deliberate but not concealed 70% of tax due, or £300 if greater.Reductions apply for prompted and unprompted disclosures and telling, giving and helping. |
Are you looking for an accountant who is only ever just a phone call away?
At ARB Accountants, we’re committed to delivering a personalised service to all of our clients. Arrange a free consultation with us today and we’ll outline exactly how we can help make your business a financial success with our range of accounting and bookkeeping services in Essex.
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Saurabh has been looking after my company accounts for nearly 2 years. He is very reactive to any queries I have and both thorough and efficient in all the necessary company filings. Highly recommended!
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I have been working with ARB for the last 3 years and they are the best accounting service I have ever had so far. They are looking after my company tax return, bookkeeping and payroll as well as my personal taxes.
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