Self-Assessment

Self-assessment is the process through which individuals report their income to HMRC and calculate their tax liability. Whether you're self-employed, a landlord, or have additional income outside of PAYE, completing your self-assessment tax return accurately and on time is essential to avoid penalties. Our team in Prestwick is here to help you navigate the self-assessment process with ease.

Who Needs to Complete a Self-Assessment?

Self-Employed Individuals: If you run your own business as a sole trader, you need to report your income and expenses through self-assessment.
Landlords: Rental income from property must be declared, whether you rent out a single property or manage a portfolio.
Partners in a Business: If you’re in a partnership, you must complete a self-assessment for your share of the profits.
Directors of Limited Companies: Directors are required to report any income not covered by PAYE through self-assessment.
Individuals with Additional Income: This includes income from savings, investments, dividends, or foreign income.

Key Dates for Self-Assessment

5th October: If you’re new to self-assessment, you must register with HMRC by this date in the tax year after you start earning taxable income.
31st January: Deadline for submitting an online tax return and paying any tax owed for the previous tax year.
31st July: Deadline for making the second payment on account, if applicable.

Benefits of Using Our Self-Assessment Services

Accurate Tax Calculations: We ensure that all your income and allowable expenses are accurately reported, so you pay the correct amount of tax.
Timely Submission: Avoid penalties with our timely preparation and submission of your tax return.
Expert Advice: Our team provides advice on allowable expenses, tax reliefs, and any changes in tax legislation that may affect you.
Stress-Free Process: We handle the complexities of self-assessment, giving you peace of mind that everything is taken care of.

Common Self-Assessment Questions

What Expenses Can I Claim?: You can claim expenses that are wholly and exclusively for your business, such as travel, office costs, and professional fees. We can help identify all eligible expenses.
What Happens If I Miss the Deadline?: Missing the self-assessment deadline can result in penalties and interest on unpaid tax. We ensure your tax return is submitted on time to avoid these issues.

If you need help with your self-assessment tax return in Prestwick, get in touch with our expert team today. We’re here to make the process simple, efficient, and stress-free.

*All information correct at 9th Jan, 2025*