Self Assessment

Self Assessment

Directors’ Obligations
Every company Director must file a personal tax return form with HMRC each tax year. The tax return notice should be issued by HMRC in April of each year following the tax year end. If you have not received a notice, but have been a Director during the previous tax year, you should contact HMRC to advise them that you need to complete a return.

Self Assessment Tax Returns
Tax returns are prepared and filed under the self assessment system. The tax return will include details of your income from all sources including salaries, dividends, bank interest and rental income. You may also be able to claim higher rate tax relief on pension contributions and gift aid donations via your tax return.

The deadline for filing your tax return is 31st October following the tax year end if you are sending in a manual form to HMRC, or 31st January if you are filing this electronically.

Tax Payments
Any outstanding tax liabilities are also due to be paid by 31st January following the end of the tax year. If you have a significant regular tax liability, you may be required to make payments on account during the tax year in advance of the balancing payment deadline. The payments on account system can be complex if you have fluctuating levels of income across the tax years. You should work with your accountant to provide your tax information on a timely basis to ensure you can plan for your tax liabilities effectively.

We have a dedicated tax team with specialists in personal tax who can complete the tax return for you and confirm your tax liabilities and payment on account position.

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