Self-assessment is a facet of accounting that every single property owner has to take care of yearly. It’s a necessary requirement to fill out a tax return, and not doing so can cause you to receive fines. With the paper deadline for assessment having just passed, some may be worried, but today we’re going to cover exactly what a self-assessment is and what it entails.
What is a Self-Assessment Tax Return?
A self-assessment tax return is a type of return that is used to check how much income tax needs to be paid. Tax is automatically deducted from wages, pensions and savings, but if have another kind of income, this needs to be declared. A good example of someone who would need to carry out an assessment is a landlord, as the government would need to know about the money they are receiving from their tenants.
When is the last day to file taxes?
Self-assessments have to be carried out yearly. You can fill out a paper assessment, or you can do your self-assessment online. The deadline is the 31st of October 2021 for paper-based assessments, and the 31st of January 2022 for self-assessments online. The tax for all of these has to be paid on the same day as the deadline of your self-assessment online, that is, January 31st 2022.
The assessment deadline is important to abide by, as missing them can land you a minimum fine of £100. If you’ve missed the deadline for paper assessment, it’s not all bad, as you can still complete your assessment online.
How we can help you
Here at Carrington Blake Accountancy we have a team of experts who are ready to complete your self-assessment. We’re able to complete your assessment from your existing records, or can take care of your bookkeeping for you. We are a proactive team of accountants who tailor each and every job to the circumstances of our clients. If you’re worried about your deadlines then you can get in contact with us to receive a quote, or email us at firstname.lastname@example.org