Self-Assessment for Company Directors, Sole Traders and Small Business Owners

Self-assessment is an essential tax requirement for all UK-based business owners and company directors. If you operate as a sole trader or freelancer, chances are that you’ll also need to complete a self-assessment tax return and submit it to HMRC, so that they can calculate how much tax you should be paying annually.

Self Assessment

Completing your tax return can be confusing, especially if you’re new to being self-employed or running a company. wedo’s friendly team of expert accountants take the hassle out of self-assessment forms, by doing the admin for you.

Completing a self-assessment form incorrectly could leave you open to paying too much tax, too little tax, or accidentally missing the deadline set by HMRC. wedo accounting consultants are specially-trained to help you deal with self-assessment requirements as quickly and efficiently as possible, ensuring that you don’t over or under pay.

We offer complementary face-to-face meetings if you’re based in London, or a free 1-hr call if your office isn’t based nearby. CALL WEDO ACCOUNTING: 0208 901 2911

What is Self-Assessment and Do I Have to Do it?

Self-assessment, short for self-assessment tax return, is a form that sole traders, company directors and small business owners need to submit every year so that HMRC can ensure they don’t over or under pay business tax.

The tax return form covers the income you’ve earned during the fiscal year, and gets filed by 31st January. In order to file, you’ll need to keep records, bank statements and receipts, which detail your income and outgoings. This is much easier if you enlist the help of an accountant; as missing any key information when submitting your tax return could cause problems with calculating the correct amount for you to pay.

If you come under one of the following employment brackets, you’ll probably have to submit a self-assessment tax return:

  • Sole trader
  • Small Business Owner
  • Freelancer (e.g freelance designer, developer)
  • Self-employed or a sole trader
  • Registered as in a business partnership
  • Company Director

In general, if you don’t receive a monthly paycheck with your tax deductions already made, then you are likely to have to calculate what you owe HMRC yourself and submit a tax return every January.

How Does Self-Assessment Work?

HMRC takes the tax return form you submit, and uses it to calculate what you owe. How much tax you pay will depend on the income tax band you’re in, and whether or not you need to pay Capital Gains Tax, which you won’t need to do unless you sell a significant investment and receive a large lump sum, for instance, if you sell company shares or a second home. The gov.uk website has some very helpful information on Self-Assessment that we highly recommend you take a look at, or of course you can call us for a free 1-hr accountancy consultation.

Why Use an Accountancy Firm to Submit Your Self-Assessment Form?

Your self-assessment tax return is arguably the most important form you’ll fill in all year. Any errors, missing evidence or lack or clarification can cost you significantly, causing inaccurate tax calculations or penalties from HMRC. Rather than risking your profit and capital with an inaccurate tax return, you should use an expert accountant or accountancy firm to ensure that your financial statements and supporting documents are all in order, and that your tax return form is completed fully and submitted on time.

What Our Customers Say

wedo accounting – wedo Self-Assessment for You.

Phone: 0208 901 2911
Email: info@wedoaccounting.co.uk

Address:
Wedo Accounting
11 Churchill Court
Harrow
HA2 7SA