Self-Assessment Tax Returns At Our Ipswich Accountancy
What is a Self-Assessment Tax Return?
If you earn a salary, or have earned one in the past, you will likely be familiar with the concept of HM Revenue and Customs (HMRC) automatically calculating and collecting the necessary income tax straight from your wages.
However, for some people, this won’t be the case. Thus, a self-assessment tax return is a declaration of your taxable income to HMRC, allowing them to accurately calculate and collect your income tax.
What can we do for you?
We can assist you with our tax services in Ipswich. You don’t have to fill out your self-assessment tax return on your own – HMRC allows you to appoint someone to fill in and submit your tax return, so that person could be a friend, relative, or a Suffolk tax accountant.
With near-constant changes to legislation and technical jargon, our tax accountants in Braintree can take all of this off your plate, giving you the peace of mind of knowing that your tax return will be accurate, submitted on time, and fully compliant with HMRC regulations.
If you’re looking for tax advice in Ipswich, or need a tax accountant in Ipswich, then we can help you!
Who needs to file a Self-Assessment Tax Return?
Self-employed or sole trader
Everyone who is self-employed as a sole trader must file a self-assessment tax return if they earn over £1,000 per year. This is the most common instance of when someone might need to file such a document.
However, there are also some other conditional reasons why one might need to file a self-assessment tax return, which are detailed below.
Work expenses
If your claim back for work expenses totals over £2,500 in a tax year, you must report this to HMRC in a tax return. This includes things such as compensated travel, money for accommodation, mileage claims, and so on.
Landlords
Whether you are a UK resident or a non-resident, it is important to bear in mind that all landlords of UK properties will typically be required to file a self-assessment tax return, declaring the total rental income.
It does not matter whether you are making a profit or a loss, you must still submit a tax return. However, in some circumstances, you might be able to claim this tax back as a rebate, on which we can advise when the situation arises.
Foreign income
If you live in the UK and your income comes from abroad, you still must declare your income to HMRC through a self-assessment tax return.
Non-resident with UK income
Similarly, if you do not reside in the UK but your income comes from a UK business, you must fill out a self-assessment tax return.
Earnings outside of salary
Other reasons why one might be obliged to file a self-assessment tax return include if you receive any additional income that isn’t included in your annual salary. This includes things such as interest earnings from savings, investments, and dividends, plus any tips and commission that you have received. Our tax return service in Ipswich can guide you through this process.
When is the deadline of the Self-Assessment Tax Return?
The deadline for self-assessment tax returns is slightly different in every tax year, meaning that the dates may change for the new tax year. However, to give you a rough guideline, we will explain the deadlines for the 2023/2024 and 2024/2025 tax year.
The 2024/2025 tax year runs from the 6th of April 2024 to the 5th of April 2025, meaning you can file your tax return any time after the tax year ends on April 5th, 2025.
If you are filing a paper self-assessment tax return, then the deadline is at midnight on the 31st of October 2024. However, if you’re filing an online tax return, the deadline isn’t until the 31st of January 2025. This is also the deadline for any tax owed for the 24/25 tax year.
Some other important dates to note before filing a tax return:
- 5th of October 2025: Deadline to register for self-assessment if you haven’t filed a tax return in the past.
- 30 December 2025: Deadline to file online if you want any tax owed under £3,000 to be collected through PAYE.
- 31 July 2025: Deadline for second payment on account for the 2024/25 tax year, if applicable
You should try to file your tax returns before the deadline to avoid potential penalties. HMRC charges an initial £100 fine for late filing, with additional penalties for prolonged delays. Filing your self-assessment tax return early can help you plan your finances and avoid last-minute stress.
What happens if you are late with the submission of your Tax Return?
If you are late to submit your self-assessment tax return, you will typically be liable to pay a monetary penalty to HMRC. If your tax return or your payment is up to three months late, you will face a fine of £100. The price will increase the later you are.
However, you can appeal your penalty if you have what HMRC calls a “reasonable excuse”. This includes things like serious illness, bereavement, technical difficulties, natural disasters, and disabilities.
Our accountants for SMEs are experienced with helping businesses of all sizes with their tax returns to ensure this is submitted within plenty of time of the deadline.
Not quite what you’re looking for? We also have VAT returns accountants in Ipswich.
Why choose ST Accountancy for your Self-Assessment Tax Return?
Our accountants in Ipswich at ST Accountancy have the knowledge, expertise, experience, and technology to accurately and efficiently take care of your tax returns in Ipswich. Not only will our tax return accountants in Ipswich make this process smooth, straightforward, and stress-free, but we can also be on hand to offer tailored tax advice in Ipswich to you at all times. Relax and allow us to handle your tax returns in Ipswich.
If you’re looking for a tax accountant in Ipswich, we’re here to help!
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