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Self Assessment Tax

At PW John & Co Accountants in Weston-super-Mare we understand that completing a self assessment tax return may seem overwhelming and time consuming, especially with the threat of incurring penalties.

Our team of specialists will work with you to minimise the stress and worry of self assessment tax.

We will advise you on the information required each year before preparing and submitting your tax return. We will also look at ways to minimise your tax liability and inform you when your payment is due.

Who has to submit a self assessment tax return?

Unlike employed individuals who pay tax at source, self employed individuals (sole traders) and partners in a business partnership must submit a self assessment tax return every year.

You may also have to submit a self assessment tax return if you;

  • receive rental income.
  • receive income from savings, investments or dividends.
  • have sold assets in the tax year (such as additional properties or shares).

Limited companies are not liable to pay self assessment tax, but are instead required to pay corporation tax. Find out more about our corporation tax services.

Self assessment tax deadlines

There are several important deadlines when it comes to self assessment tax. Business owners who fail to meet these deadlines will incur penalties and interest charges.

  1. You must submit your self assessment tax return by 31st January.
  2. You must pay your self assessment tax on 31st January (balancing payment and first payment on account) and 31st July (second payment on account).

Our self assessment tax services

Our team of experts will provide proactive forward looking accounting advice to ensure that your business is as tax efficient as possible, now and in the future.

Our self assessment tax services include;

  • Preparation and submission of self assessment tax returns along with supporting computations
  • Tax planning
  • Compliance

Get in Touch

Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.

Other Accountancy Services

We offer a comprehensive range of accountancy services for businesses and individual clients. Click the links below to find out more.

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