ACCA-qualified accountants prepare and submit your Self Assessment tax return to HMRC — accurately, on time, and with every allowable deduction claimed.
Self Assessment is HMRC's system for collecting Income Tax from people whose tax isn't automatically deducted from their earnings. If you're self-employed, a company director, a landlord, or you earn over £100,000 per year, you almost certainly need to complete a Self Assessment tax return each year.
You must register for Self Assessment if you are self-employed as a sole trader and earned more than £1,000, a partner in a business partnership, a company director, earned over £100,000 in the tax year, have untaxed income such as rental income or savings interest above the Personal Savings Allowance, or received Child Benefit and either you or your partner earned over £60,000.
The tax year runs from 6 April to 5 April the following year. Paper returns must be filed by 31 October following the end of the tax year. Online returns must be filed by 31 January. Any tax owed must also be paid by 31 January. Missing these deadlines results in automatic penalties starting at £100, rising significantly the longer you delay.
Self Assessment returns appear straightforward but contain many opportunities to legitimately reduce your tax bill that most people miss — allowable business expenses, pension contributions, trading allowances, loss relief, and more. An ACCA-qualified accountant will identify every relief available to your specific circumstances and ensure your return is filed correctly, avoiding costly HMRC enquiries.
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