0113 436 0002 info@lyel.co.uk

Self Assessment

Self-assessment is a system of HMRC to collect income tax. HMRC usually collects tax automatically from the pension, wages, and savings, but the self-employed or the people having other income sources must report it in a tax return, also known as self-assessment.

Who needs to complete a Self-Assessment tax return?

You need to complete your self-assessment for tax returns if you are:

  • Self-employed
  • partner in a business
  • trusty or executor of an estate
  • minister of any religion

Where to file Self-Assessment?

You can file your self-assessment online if you are self-employed or if you are not self-employed but still need to file self-assessment because you receive income from other resources like property rent. In some cases, you cannot file self-assessment online such as:

  • your income comes from a trust
  • you need to report multiple chargeable gains
  • you lived outside the UK as a non-resident
  • you are in a business partnership
  • you run a trust or estate

In such cases, you shall use commercial software or other forms. You can also contact us for expert advice regarding filing your Self-assessment.    

Records you need to file self-assessment

It is necessary to keep all records of your financial statements, such as the money you spent on business if you are self-employed and your income records. Keeping efficient records might help you in applying for any tax relief you are eligible for. You can either keep your records digitally or on paper. HMRC can also impose penalties on incomplete and inaccurate records. If you are not self-employed but filing self-assessment, it is necessary to keep the records of the last 22 months. Whereas if you are self-employed, you have to keep records of the five years.

Tax reliefs

You might be eligible for tax relief depending on the type of business you are running, like small business reliefs. Here at Lyel accountancy, we make sure all your tax reliefs are accounted for in your self-assessment, saving you from extra tax payments while factoring in all the legalities. For more information, contact us through phone call 0113 436 0002

Submission deadlines

Normally Until 31 Oct on paper
Until following 31 Jan online

If it’s your first registration for Self-Assessment

(for automatic calculation by HMRC)

If issued before 31 August, you have until 31 October to submit it on paper
If issued on or after 1 September, you have two months to complete it on paper

If it’s your first registration for Self-Assessment

(for self-calculation)

If issued before 31 July, you must submit the return on or before 31 October (paper) or before 31 January (online)
If issued after 31 July but by 31 October, you must submit the return within three months (on paper) or on or before 31 January (online)
If issued after 31 October, you must submit the return (both online or paper) within the three months

These deadlines may vary according to your finical statement or type of business for more details click here.

If you would like more information regarding this, get in touch with us on 0113 436 0002 or use the form below.