Personal Tax - Self Assessment Tax Return
Tax returns made simple.

Self Assessment Cycle

Once again the Personal Tax Return deadline is fast approaching, as always the fiscal tax year runs from 6th April to the following 5th April with all returns then required to be filed by no later than the end of January.

Therefore the latest tax year is 6th April 2018 to 5th April 2019 with the required filing deadline being 31st January 2020 for on-line filing (and is 31st October 2019 for those still wishing to file in ‘paper’ format). 

Personal tax returns are issued by HMRC to all self-employed sole traders/partners and all company directors. Those individuals who complete returns online are sent a notice advising them when there next return will be due. 

If for some reason a tax payer has not been issued with a tax return but know they should have been then it is their responsibility to inform HMRC.

The one advantage to filing an SA return by 31ST October is that the tax payer can request for HMRC to calculate their tax liability for them and send out documented details. This is also the statutory deadline for making a Return where you require HMRC to collect any underpayment through your tax code, known as ‘coding out’. Note though that whether you or HMRC calculate the tax liability there will be only one assessment covering all your tax liabilities for the year

Late Filing Penalties And Interest

It is important to file SA returns on time in order to avoid HMRC’S late filing penalties, if they are not filed by midnight on the 31st January an automatic fine of £100 is issued.

If a SA return is not filed until 3 months late a £10 per day penalty is added until a maximum £900 is reached. After 6 months an additional £300 would be added or 5% of the tax due if higher.

If the return is over 12 months late a further £300 or a further 5% of the tax due if higher is added. Also, interest on any unpaid tax will start to accumulate from 31st January whether the return has been filed or not.

Keeping Records

HMRC requires good underlying books and records to be kept in support of the return and therefore regularly do random checks on taxpayers to ensure this is done.

Records required are of income (copies of sales invoices), expenditure(documented receipts) and reliefs claimed (pension payments).

An accountant can help advise a suitable bookkeeping system based on your business trade, size and status – they can also mostly provide a computerised bookkeeping service if you wish to have that support.


HMRC may enquire into any return by giving written notice. In most cases for HMRC this will be within 12 months of the filing date.

If HMRC does not enquire into a return, it will be final and conclusive unless the tax payer makes an overpayment relief claim or HMRC makes a discovery.

The main reason HMRC will open an enquiry is that they believe that errors or omissions have been made to the tax return resulting in an understatement of tax due. 

If there is an enquiry you will first receive a direct letter from HMRC, if you have a registered accountant as your agent they will also receive a copy of the letter and will be able to manage your accounts and tax.

How We Can Help

If you are based in Liverpool or the North-West area, we can assist with the preparation and submission of your Personal Tax Return- helping with what you need to declare and what you are entitled to claim back.

Our accountants can also assist with providing links to make online payments and help confirm that the tax you will be paying is exactly correct, or if you are lucky enough to be receiving a refund ensure that all the money owed to you is repaid.

You are guided on the best way to structure your business and trading to complement your personal tax situation, based upon the latest legislation and best advice to optimise your position. You are advised on the pros and cons of being a sole trader, entering a partnership, forming a limited company or for some, working within the Construction Industry Scheme (CIS). You can then make an informed choice, knowing your best interests are being taken care of, safe in the knowledge your tax returns will be prepared accordingly.

We can also work with you to complete a VAT return and we also have an extensive knowledge on helping you pay corporation tax.

After signing up, we will guarantee to stop any penalties from accruing further and we will also make you tax efficient.

We will:

-Fully complete your tax return

-Calculate your final tax bill

-File your return online and in plenty of time - guaranteed to meet the 31st January deadline!

- Carry out a full tax investigation

-Advise how much you need to pay and by when

-Plan ahead and structure your affairs for efficiency

If you are interested in using us as your accountants, feel free to contact us and we can offer you a free consultation so that learn more about the services that we offer.
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