If you’re self-employed you’re obliged to file an annual tax return.
This is referred to as a ‘self assessed tax return. Under the self-assessment system all self-employed people must report all income earned by filing a tax return. The tax return deadline is 31st October. Your tax return is also used to claim any tax allowances that can be offset against your tax bill. You have to file a tax return if any of the following circumstances apply to you:-
- You’re self-employed
- You’re a contractor or sub-contractor
- You’re a landlord
- You receive income in addition to PAYE income:-
- Income through an investment portfolio
- Rental income
- Income from a construction trade
- IT Contracting
- If you receive any other untaxed income from ‘nixers’ or work you do in addition to your normal PAYE job
- You’re director of a company
- You belong to an employee share scheme
A lot of contractors and people who work for themselves can’t afford expensive accountancy fees. That’s why we developed a service that is a fraction of the cost of using an accountant. We will prepare and file your tax return and claim any applicable allowances. Our tax return service is competitively priced.