If you are earning money through any means other than PAYE then you must complete a self-assessment tax return each year to declare that income and calculate the amount of tax you owe.
Directors and shareholders extracting dividends, property and goods traders and the self-employed are all subject to self-assessment and must complete their annual personal tax return detailing income from all sources by 31st January the year following the end of the tax year.
Failure to comply with self-assessment regulations can result in stressful penalties.
As an individual, you need only complete one self-assessment tax return each year. This document will detail all of your income sources no matter how many or how complex your situation.
If you need help with self-assessment then talk to us. Our experienced accountants and tax advisors will ensure that your returns are filed on time and your tax liability is correct. We can even advise you on how best to keep your records to ensure your returns are at their most efficient each year.