Self Assessment involves completing a tax return (online or paper) to submit to HMRC with details of your income and capital gains, and to claim related tax allowances or tax reliefs.
If you pay tax on your earnings or pensions through PAYE your tax will be deducted by your employer or pension provider; you won't usually need to complete a tax return. But if you have more complicated tax affairs you may need to complete a Self Assessment tax return.
But there are certain circumstances in which you will always need to complete a tax return, for instance if you are:-
- Self-employed
- A Company director (except not for profit organisations)
- A Minister of religion
- In receipt of rent or income from land and property in the UK
- In receipt of other untaxed income where tax due can't be collected via PAYE
- In receipt of taxable income from abroad
- In receipt of annual income from a trust or settlement, or from the estate of a deceased person where further tax is due on that income
- A trustee or personal representative
- A trustee of certain pension schemes
- A name, or member of Lloyd's
- An employee with more complex tax affairs
Our Self Assessment tax service can help you navigate these complexities
- Preparing your Self Assessment Returns in relation to your employment, investment income (UK and overseas) and any trust income you may have
- Personal Tax computations
- Capital Gains Tax service - we provide in-house, independent Investment Management services and our advisors can work with you throughout the tax year
Please contact us to discuss how our Financial Services team might help you with your Self Assessment tax return.
