Self-Assessment Tax Returns

Self Assessment Tax Returns (SA)

There are two distinct tax systems in the UK, to collect tax from individuals.

The first is pay as you earn (PAYE) and the second is Self Assessment (SA).

PAYE will collect the income tax for the majority of the individuals in the UK. Those people will not need to complete a SA Tax Return.

However, many individuals will still be required to complete a Self Assessment Tax Return.

Who needs to file a SA Tax Return for 2024/25?

You are required to file a SA Tax Return, if over the last tax year (6 April 2024 to 5 April 2025), you fall into any of the below categories:

• You ran a self-employed business and earned over £1,000.
• You were a partner in a partnership or LLP.
• You run your own company and receive dividends over £500 from that company.
• You earned over £60,000 and your household receives child benefit.
• You received rental income of over £1,000.
• You received income from holiday lettings.
• You earned untaxed income from savings or investments that exceeded your available allowances.
• You received income or gains from overseas.
• You sold a capital asset (a business, shares, property etc) and need to pay capital gains tax.
• Your pension savings exceed the pensions allowances (usually those within a final salary or defined benefit pension scheme).

The above is not an exhaustive list but lists the most common scenarios.  There are other criteria which may mean you need to file a Tax Return. It is important you seek our advice to ensure you do not fail to comply and risk receiving fines and /or penalties. We have many years of experience working with individuals to complete SA Tax Returns and are well versed in all aspects of SA, contact us here. 

Remember to include any income already taxed under PAYE on your Self Assessment Tax Return. You still need to declare income taxed under PAYE, even though you’ll receive a tax credit for the amount already deducted.

Self Assessment Returns must be filed and any tax paid by 31 January following the end of the tax year (for example, the 2024/25 tax year ending 5 April 2025 must be filed online by 31 January 2026). Filing early could save you time, money, and resources—freeing you up to focus on your business. Read more about the benefits of filing early here.

Why should I seek professional help?

SA Tax Returns can be complex and we find that individuals completing their own Returns often make mistakes in respect of claiming allowances, incorrectly declaring non-taxable income (ISA interest etc) and sometimes undeclaring income.

If you fail to file your Return, you will automatically receive a £100 fine and may be liable to receive daily penalties and further fines if the delay continues.

Many clients simply do not want the stress of completing the Return or dealing with HMRC. Clients often tell us that the HMRC portal is badly designed and difficult to navigate. That’s why we use bespoke software to take the stress off your shoulders—we complete and file your Return for you, so there’s no need to juggle multiple logins and passwords.

Our service is not just a SA Tax Return filing service either.

We can help with all aspects of tax from dealing with PAYE codes to advice on tax savings.

So you won’t just hear from us once a year, you will hear from us throughout the year.

This includes monthly newsletters and updates following Government announcements such as Budgets and financial statements.

Our team will take the stress away from you.

You can speak to a member of our team here.

How does it all work?

You can arrange a free initial consultation with a member of our tax team here. In this meeting, a member of our experienced team will learn more about you and your business objectives and begin the filing process.

We have tax experts in Darlington, York, Durham and Middlesbrough if you would prefer to have these consultations at one of our offices. Whilst the majority of our clients are based on Tyne and Wear, County Durham, Teesside and North Yorkshire, we do have many clients from all over the UK that prefer email or Teams/Zoom/telephone calls. We are flexible around your preferences.

To get in touch with a member of our tax team, regarding your self-assessment tax return, click here.