Self Employmen Tax Return 2024

Personal Tax

As a self-employed construction worker or trader in London, navigating the self-assessment tax return process can seem daunting. This guide provides comprehensive answers to the common queries faced by self-assessed individuals, ensuring you are well-prepared for the 2024 tax season. For those seeking professional assistance, our dedicated accountants are ready to help. Simply fill out our self-assessment tax return form to get started. ✅

Do I Need to File a Self-Assessment Tax Return?

You must file a self-assessment tax return if you:

Are self-employed and earned more than £1,000.
Are a partner in a business partnership.
Have any other untaxed income, such as rental income, tips, commissions, or income from savings, investments, dividends, or foreign income.

If your income is solely from wages or pensions, you typically do not need to file, unless you have additional untaxed income.

What Are the Key Deadlines?

5 October 2024: Deadline to register for self-assessment if it's your first time.
31 October 2024: Deadline for paper tax returns.
31 January 2025: Deadline for online tax returns and payment of any tax owed.

Missing these deadlines results in penalties, including a £100 fine if late by one day and further penalties for longer delays.

How Do I Register for a Self-Assessment Tax Return?

First-time filers need to register with HMRC to get a Unique Taxpayer Reference (UTR) number. This can be done easily online by using the form here. After registration, HMRC will send your UTR number by post within 10 days (or 21 days if you are abroad). This number is essential for filing your return.

What If I Miss the Deadline?

Penalties for missing the deadline include:

£100 fine immediately after the deadline.
£10 daily penalties after three months, up to £900.
An additional £300 or 5% of the tax owed after six months, whichever is greater.
Further penalties after 12 months.

It's crucial to file on time to avoid these penalties and any additional interest on late payments.

How Do I Amend My Tax Return?

If you make a mistake, you can amend your tax return within 12 months of the original deadline. For example, errors in the 2023-2024 tax return can be corrected until 31 January 2026. Amendments can be made online through your HMRC account.

What If I Can’t Pay My Tax Bill?

If you can't pay your tax bill, contact HMRC immediately. They may offer a "Time to Pay" arrangement, allowing you to spread the payment over time. To qualify, you must owe less than £30,000, have filed your latest tax return, and set up the plan within 60 days of the payment deadline.

What Documents Do I Need?

For a self-assessment tax return, you'll need:

Your UTR number.
National Insurance number.
Records of income and expenses.
P60 (if employed) or P45 (if you left employment).
CIS statements for those working in the construction.
Details of untaxed income from the tax year, such as rental income or dividends.

Can I Claim Expenses?

Yes, self-employed individuals can claim various business expenses, including costs for running a vehicle, office expenses, travel, and professional fees. Keeping accurate records of all expenses is vital for correctly claiming deductions and reducing your taxable income. There are various expenses that can reduce your tax bill, but not all can be considered. Therefore, you can entrust the job to an expert tax professional who can help you prepare your self-assessment tax return. Choosing to work with us gives you year-long assistance with any HMRC letters and forms at no extra charge.

Is There an Easy Way to File?

Many people use accountants or online bookkeeping software to simplify the process. These services can help ensure accuracy and completeness, potentially saving you from penalties and additional taxes. If you're on the lookout for a personal tax accountant in London who goes above and beyond, your search ends here. LOYALS Accountants & Business Consultants is your one-stop solution for all your personal tax needs.

Remember

Understanding the self-assessment tax return process can save you time and money. For personalised assistance, fill out our self-assessment tax return form to connect with a dedicated accountant who will ease you in the process and ensure your tax return is filed correctly and on time.

File Your Self-Assessment Tax Return 2024

Getting your self-assessment tax return sorted correctly and avoiding penalties while saving unnecessary tax has never been easier! Please use the form below to provide us with some information, and a tax expert will take it from there to complete your self-assessment tax return on your behalf. Once submitted, your dedicated accountant will contact you over the phone for a warm introduction and to answer any questions you may have.

What is your full name? *

What is your email address? *

What is your contact number? *

What is your address? *

What is your UTR number? *

What is your National Insurance Number?

Upload your bank statements in CSV file *

Have you used cash for purchases not reflected in your bank? *

yes
no

Do you kept any purchase receipts? *

yes
no

Upload your P60 or P45

Do you have CIS statement showing payments for the year?

Do we need to know anything else? *

Send me a copy

Q&A

Self Assessment Tax Return Accountant London

What happens when I submit the self-employment registration form?

When you submit the self-employment registration form on our website, our team at will:

Review the information provided to ensure completeness.
Register you with HMRC as self-employed.
Obtain your Unique Taxpayer Reference (UTR) number.
Set up your online account with HMRC. Once the process is complete, you will receive your UTR number and details on how to activate your account for filing self-assessment tax returns.

How long would it take to get registered for self-employment?

The registration process typically takes about 10 days for HMRC to send your UTR number by post, or 21 days if you are abroad. Once you receive your UTR, you can set up your online account and begin managing your tax affairs.

What do I need to prepare my first tax return?

To prepare your first tax return, you will need:

Your UTR number.
National Insurance number.
Records of all income and expenses.
P60 or P45 if you were employed at any point during the tax year.
Bank statements and receipts to substantiate your claims for expenses.
Details of any untaxed income, such as rental income, dividends, and investments

You can get help in preparation of your self assessment tax return by completing this form here.

What if I was an employee through the middle of the tax year?

If you were employed for part of the tax year, you need to include both your employment and self-employment income in your self-assessment tax return. You will need your P45 or P60 from your employer to report the income and taxes already paid through PAYE (Pay As You Earn). This ensures you are taxed correctly on all your income for the year.

What taxes will I pay as self-employed?

As a self-employed individual, you will be responsible for:

Income Tax: Based on your taxable profits after deducting allowable expenses.
Class 2 National Insurance: If your profits are above the small profits threshold.
Class 4 National Insurance: If your profits are above the lower profits limit. Additionally, if you are in the construction industry, you may need to consider CIS (Construction Industry Scheme) deductions.

What is CIS tax?

CIS tax refers to the Construction Industry Scheme, which requires contractors to deduct money from a subcontractor’s payments and pass it to HMRC. These deductions count as advance payments towards the subcontractor’s tax and National Insurance. If you are working under CIS, it is important to keep accurate records of your deductions to claim them back in your self-assessment tax return.

How can I get a tax repayment?

To claim a tax repayment:

File your self-assessment tax return accurately.
Include any CIS deductions and other overpaid taxes.
HMRC will calculate the amount owed to you and issue a repayment. Ensure that all your records and claims are accurate to avoid delays.

How long does a tax repayment take?

Once you submit your self-assessment tax return and it is processed by HMRC, tax repayments typically take 4 to 6 weeks to be issued. However, the exact time can vary depending on HMRC’s workload and whether they need to check any of the details you provided.

Can you help me with my self assessment tax return?

Yes, simply use the form here to provide us with some information, and a tax expert will take it from there to complete your self-assessment tax return on your behalf. Once submitted, your dedicated accountant will contact you over the phone for a warm introduction and to answer any questions you may have.