Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in an annual tax return.
If you are self-employed, you will be one of the nine million or so people in the UK who must complete and file a self-assessment tax return to HMRC (HM Revenue and Customs), you will know how it is becoming less and less straightforward. You will also know that the penalties for failing to submit your return on time, or incorrectly, can give rise to substantial fines.
If you find the prospect of self-assessment daunting for any reason, Numbers2Knowledge can help you pull together all the information you need and file your return on time and online. We can also work out and advise you of your tax liabilities including the date if any payments are due.
Note that if you do not complete your Self-Assessment Tax Return by the deadline date (normally January 31st), together with all relevant forms to declare that you are self-employed (or that you have any untaxed income), you may be charged interest and penalties.
To find out if you actually need to complete a Self-Assessment Tax Return