There are many reasons why you might need to complete a Self-Assessment Tax Return such as having income from a rental property or more than £10,000 in untaxed income from interest or dividends
Just being the director of a company no longer means that you automatically need to complete a return.
At Vaughans Accountancy we are more than happy to chat through things with you and work out if you need to complete a Self-Assessment return or if you are able to notify HMRC about any untaxed income and have them deduct any tax due via your tax code instead
If you do need to complete a Self-Assessment return and aren’t registered with HMRC then you have until 5th October following the end of the tax year which you need to complete a return for e.g. for the tax year ending 5 April 2026 you need to register with HMRC by 5 October 2026 and you then have until 31 January 2027 to complete the return and pay any tax due.
Each January you must pay the balancing payment for the previous tax year. If your total tax liability (not the balancing payment) is above £1,000 then you must make payments on account of the current tax year – 50% in January and then 50% in the following July.
If your tax liability is below £1,000 or if more than 80% of your tax liability is deducted at source from employment or pension income, then these payments on account are not needed.
So, the very first year you complete a Self-Assessment return, you may need to pay 150% of your tax liability to HMRC in the January, which is why we always recommend that clients get their records to us as soon as possible after the end of the tax year
Personal tax – our process:
If you are a personal tax client of ours then we will send out regular reminders after each tax year to encourage you to send your records over. Not only does this mean that we will be able to work out your tax liability well before the deadline, it also means that we can manage the workloads for our staff and provide you with a smoother service.
We aim for a 2-4 week turnaround period, but depending on the time of year your records are given to us, we might have to factor in staff holidays and other deadlines, so encourage our clients to speak with us throughout the year if you would like things prepared quicker.
All tax returns are drafted by our director but if we are missing any information then this may be requested from you by a junior staff member.
Going through any queries:
We offer 3 different levels of service at Vaughans Accountancy and which one you choose will likely depend on the complexity of your tax affairs.
Firstly, we are able to email your draft tax figures for you to review and will go through any queries you have by email. This is the most basic of our services but still ensures you stay compliant and are able to review your figures before they are finalised
The next option includes the chance to run through the figures with our director either by telephone or via Teams call. If your tax affairs are slightly more complex, then you may prefer this chance to run through things in more detail but it’s never a service we would force upon our clients if not needed
Alternatively, you may prefer to take up our tax planning service where you are able to come into the office to discuss your tax affairs prior to the end of the tax year (or via a phone/Teams call if easier for you). During this meeting we will be able to run through any queries you have before the end of the tax year and advise you on the most efficient options for you.
Finalising and filing:
Once you are happy with the tax return and we have made any changes that need to be made, we will upload the accounts to your client portal for approval electronically. These documents will be available in your portal for you to view as and when needed, and they can also be downloaded if needed
We then receive confirmation that the files have been signed, and once our fees have been settled, we will submit to HMRC for you, and email over confirmation of this, along with the details needed so that you can make the relevant payments to HMRC.
If you’d like to see how we can help you with your Personal Tax, then contact us now.
