Self Assessment

What is self assessment?

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 with businesses with other income must report it in a tax return.

Tax is payable twice a year on or by 31 January and 31 July each year.

Tax payments include payments on account for the following tax year based on 50% of the tax due from the current tax year. 

Preparing your own tax return can be a time consuming and often confusing business for busy individuals.

Judging by the hundreds of thousands of taxpayers who are penalised by HMRC each year it can also be very costly if:

• Deadlines are missed

• Incorrect returns are delivered

• Appropriate records are not retained or presented

How can Sterling Grove Accountants help me?

We aim to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment service, including:

• Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
• Calculating your tax liability
• Completing and filing your tax return on your behalf
• Advising you when various payments are due and how much to pay
• Advising on appropriate record retention
• Introducing you to any relevant tax saving ideas
• Representing you in the event of your being selected for investigation by HMRC