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Does everyone need to submit a Self Assessment Tax Return?
If you’re employed and pay tax via PAYE, you won’t need to submit a Self Assessment Tax Return. Many people, however, receive income that isn’t taxed at source, and therefore need to complete their SATR on an annual basis.
Those who must file a Self Assessment include people who:
- Are self employed
- Are a partner of a business or director of a limited company
- Are earning property income
- Earn over £50,000 and receive child benefit
- Have untaxed savings income
- Want to claim tax relief on employment expenses over £2,500 in a year
- Have income from overseas, or from savings, investments and dividends
When is the deadline for Self Assessment and are there late penalties?
Most people who are required to complete a Self Assessment do so online. The deadline for submission is 31 January after the end of the tax year you’re filing for. If you’re filling in your return for the 2022/23 tax year, it will need to be filed by 31 January 2024. This is when the tax bill is also due.
Those who owe less than £3,000 and want HMRC to collect the money by adjusting their tax code for the following year must submit a paper return by 31 October or an online return by 30 December. If you do not file your Self Assessment on time, you will automatically incur a late fee of £100. The amount increases the longer you delay.
Payment for your annual tax return is typically required on 31 January. Some taxpayers must also make a ‘payment on account’ on 31 July each tax year. This contributes to their Self Assessment bill for the following year.
You can be charged a penalty for late payment of your tax bill. This is calculated according to the amount of unpaid tax on the due date.
What can you deduct from a Self Assessment Tax Return?
Depending on the reason you’re filing a SATR, you may be able to make savings. For example, those working from home can claim tax relief on some of their household bills. This can be done with either a flat rate or by calculating the respective running costs of your business and home.
Higher rate and additional rate taxpayers can also claim relief on their charitable donations, while married couples can benefit from being able to transfer some of their personal allowance to their spouse.
If you want to find out how you can reduce your tax bill, SAS Yorkshire Accountants can help. We can identify opportunities for you to make tax savings, meaning you have more money in your pocket for the things that are important to you. Whether you’re a sole trader or have a rental property, we’ll ensure you’re not paying more tax than necessary.
How can SAS Yorkshire Accountants help?
Here at SAS Yorkshire Accountants, our experts are qualified to handle your tax return on your behalf. Not only can we offer advice and support that is tailored to your situation, but we will also calculate and complete your Self Assessment, leaving you free to dedicate your time to other tasks.
As part of our service, we’ll identify any areas where you can save, and resolve any anomalies that may be present. That means HMRC will receive accurate information and that there will be no need for enquiries.
As a leading accountant in Yorkshire, we are fully compliant with Making tax Digital, and will use the necessary software to ensure your tax return is filed in accordance with HMRC guidelines.
