STYLES & ASSOCIATES
ACCOUNTANCY SERVICES
Serving businesses in Alton, and throughout Hampshire
What is Self Assessment?
Self Assessment is a system used by HM Revenue and Customs (HMRC) to calculate tax on your income.
Who needs to complete a Self Assessment?
If you are self-employed as a 'sole trader' and earned more than £1,000 in a tax year you must file a tax return. If you are paid through PAYE tax is automatically deducted from your wages. If you receive additional income from savings, investments, shares, dividends, property rental or other source you may need to report this to HMRC by filing an annual Self Assessment tax return.
When do I need to complete a Self Assessment tax return?
HMRC Self Assessment tax returns should be filed annually by 31st January after the end of the tax year it applies to. Tax years run from 6th April to 5th April the following year. It is important to file your self assessment within the time frame - if you miss the completion date you will face a fine of at least £100 - even if there's no tax to pay.
At Styles & Associates we provide a complete Self Assessment service in 3 easy steps:
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We can assess if you are required to file a self-assessment tax return.
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Register for an online self-assessment account.
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Prepare and file your assessment.
How do I fill out a Self Assessment?
Self Assessment Tax Returns.
How long does it take to register for Self Assessment online?
You need to register for a unique taxpayer reference (UTR), then set up an online account. Once this is complete you will be sent an activation code.
The UTR and activation code are sent from HM Revenue and Customs (HMRC) by post, so allow 10 working days (21 if you're abroad) to complete the process.
What happens after I have filed my Self Assessment?
HMRC will usually send you a self-assessment statement that shows how much you owe, or you can check your tax bill online.
How do I pay HMRC Self Assessment Tax?
There are a number of convenient ways to pay your balance:
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Same or next day
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online or telephone banking (Faster Payments)
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CHAPS
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by debit or corporate credit card online
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at your bank or building society
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You need a paying-in slip from HMRC to pay at a bank or building society.
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3 working days
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Bacs
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Direct Debit (if you’ve set one up with HMRC before)
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by cheque through the post
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5 working days
Direct Debit (if you have not set one up with HMRC before)
How will I know if I am owed a tax rebate or refund?
If you are due a tax rebate HMRC will inform you by P800 calculation notice.
