A self-assessment tax return is a form that individuals and businesses use to report their income and tax liability to HM Revenue and Customs (HMRC) in the United Kingdom. It is required for those who are self-employed, have untaxed income, or are a company director.
The self-assessment tax return must be completed and submitted to HMRC by a specific deadline, usually on or before the 31st of January following the end of the tax year.
Failing to submit a self-assessment tax return on time can result in penalties, fines, and interest on unpaid taxes. It is also essential to ensure that the information provided on the tax return is accurate, as errors can also result in penalties.
As an accountancy firm named 381 Accountants, you can help your clients complete and submit their self-assessment tax returns correctly and on time. You can also advise them on tax-efficient ways to manage their income and expenses and help them claim relevant tax reliefs and credits.
In summary, the self-assessment tax return is important for individuals and businesses to report their income and tax liability to HMRC, it require specific deadline, and it’s important to ensure that the information provided on the tax return is accurate. As an accountancy firm, you can help your clients complete and submit their self-assessment tax returns correctly and on time.