FAQs – Self Assessment Tax Return

Whether you need to file your Self Assessment Tax Return for the first time or are unsure whether or not you are required to submit one, here we answer frequently asked questions:

When is the deadline for filing my 2019-20 Self Assessment Tax Return?

Extended to 28 February January 2021, however, tax needs to be paid by 31 January 2021.

I missed the deadline for filing my tax return, am I going to receive penalties?

Yes, if you were required to submit a Self Assessment Tax Return and you miss the deadline, HMRC will issue a £100 late filing for up to 3 months. The penalties will be much higher if you pay your tax bill late as HMRC will be charging daily interest on the tax payment that was meant to paid by 31 January 2021. 

I stopped Self-Employment and started employment job, do I need to do anything?

You do not have to file your tax return. However, you need to notify HMRC (directly on phone or letter) on any changes in your circumstances as not notifying will not update HMRC records and you will receive penalties for not having filed your tax return. There is an option to appeal the penalties but the process can sometimes be cumbersome. 

My income is very low, do I need to file a Self Assessment Tax return?

It really depends on your income, if your Turnover (gross sales or income before deducting any business expenses) is:

  • More than £1,000 – you need to file a Self Assessment Tax Return
  • Less than £1,000 – you do not have file your tax return, however, you have to notify HMRC

What is a UTR number?

UTR stands for Unique Taxpayer reference number, a unique number used by HMRC to identify you or your business. UTR number is needed to submit a Self-Assessment Tax Return to HMRC. If you recently started working as Sole Trader (Self-Employed), you have to register with HMRC for Self Assessment Tax Return. Get in touch and we can help you apply for it.

When is the deadline for filing my Company Accounts (Ltd)?

Depending on your Limited Company financial year (accounting period), the deadline for submission of Company account is usually 9 months after the end of the accounting period. For example, if a company’s accounting period ends in 31 December 2020, the deadline for submission is 9 months later, i.e. 30 September 2021.

When is the deadline for Corporation Tax?

12 Months after the end of accounting Period.

How do I register a Limited Company?

Limited Companies need to register with Companies House. Get in touch and we can help you register your Limited Company. 

Do I need to register for VAT?

It depends on your turnover, if it exceeds £85,000 in the last 12 Months, you have to register for VAT as soon as possible.

How long does it take HMRC to process tax refund?

Usually between 1-3 weeks. If you have any outstanding tax liabilities or penalties & interest charges from previous tax year(s), HMRC will deduct these from the refund.

How can I obtain PAYE ref number?

If you are employed and self-employed at the same time, you have to declare both in the Self-Assessment Tax Return. PAYE ref number can be found on the P60/P45s. If you do not have any of these or lost these documents, contact your employer. If you are unable to contact the employer, get in touch with HMRC and they can help you.

I applied for a grant, what’s the tax implication?

Grants are treated as taxable income.

I recently became Self-Employed, when do I need to register with HMRC?

By 5 October following the end of the tax year.

How much do we charge for tax return?

Depending on how much work is involved it will range from £99-£159.

How do I de-register with HMRC?

Contact HMRC directly by post or phone.

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