For a lot of self-employed people, they know the struggles of filing their taxes at the end of the financial year. With so much information out there it is sometimes hard to understand how to calculate how much tax you owe as well as other aspects of the self-assessment process. Throughout this blog, we will guide you through the process allowing you to fully understand what you have to do and why. Thus removing any stress you may have over the process.
What is an HMRC Self-Assessment?
The self-assessment tax process is a way of reporting your income and expenses to HM Revenue & Customs (HMRC). This assessment is commonly used by self-employed individuals, partners in a business partnership, and company directors who receive income that is not taxed at source. This process also happens to be used by those who have untaxed income from assets such as property, savings, or investments.
How to submit your return and pay SA Tax
If you meet the threshold, you’ll also need to make a second payment in July. This is called a ‘payment on account’ and is measured against what you are expected to earn in the following year.
Make sure you hold onto your statements or check your online account to ensure everything has gone through properly.
Important Dates to Remember
There are of course a few dates to have handy when it comes to the self-assessment tax process. Dates to remember are as follows.
Take away the stress of self-assessment tax returns with Venton
Our job here at Venton is to ensure we take the stress away from dealing with your finances. Our team of qualified accountants are more than happy to deal with your self-assessment, meaning you’re able to focus on growing your business.
By using Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) Software, registering and submitting your Self Assessment is easier than ever with our team at your side. And, don’t forget, from 2026, MTD for ITSA will be a government requirement for all self-employed taxpayers or business owners – so, let us help you get ahead of the game.
If you are looking for help with your Self Assessment as a startup or someone who is self-employed, please contact our friendly team for more information and to get started today.