Self Assessment Tax Returns

For many people, tax is usually deducted from your wages or pension – known as PAYE. 

Self-Assessment tax returns are how HMRC collect Income Tax and Capital Gains Tax from individuals and unincorporated businesses who have not paid it through PAYE or other means.

Do you need to complete a Self-Assessment?

Normally, if your only income is from wages, a pension, or a small amount of interest on savings, then you won’t need to complete a Self-Assessment tax return because the tax on these has already been deducted automatically.

Some exceptions to this include;

• if you earnt £100,000 or more in the previous tax year as an employee or pensioner,
• earning £10,000 or more from savings interest or investment income
• earning £2,500 or more from untaxed income, e.g. bonuses or commission 

If you are unsure whether you need to fill in a Self-Assessment form, please contact a member of our Tax team., using the ‘get in touch‘ link.

How can we help you?

We act for a variety of individuals and unincorporated businesses and can provide tailored advice to suit your needs. 

If you are self-employed and are filling in a Self-Assessment tax return as a sole trader, we can help you meet your tax reporting requirements, identify all deductible expenses and reliefs available to you to ensure you can fully concentrate on growing your business.

If you receive taxable income from abroad, or have assets in more than one country, our team at Price Bailey can help you navigate complex double taxation agreements to ensure that you minimise the overall taxes paid worldwide. You can usually claim Foreign Tax Credit Relief when you report your overseas income on your tax return, something we can help you achieve.

If you owe Capital Gains Tax (CGT) from selling assets at a profit, there is a tax-free allowance, as well as some additional reliefs that may help reduce your CGT bill, all of which we can help with. 

If you run a limited company, you’ll need to file a company tax return in addition to a tax return on your personal income. 

No matter the reason why you need to fill in a Self-Assessment tax return, we can fill in and send your tax return for you and provide you with any advice relating to Self-Assessment tax returns.