Self-Assessment
We are a long-established firm of Chartered Tax Advisers and qualified accountants. We work with individuals, sole-traders and small companies providing clear, expert and affordable advice and support on all areas of UK accounting and tax compliance.
Who needs to file a self-assessment and when must it be filed to avoid a penalty?
Not everyone needs to worry about completing an tax return. However, if you fall into one of the categories below then you are likely to need to register with HMRC and file a Self Assessment by 31 Jan following the tax year.
Self-employed individuals & contractors
If you are self-employed then you will need to file a Self Assessment. This would include freelancers and contractors,
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​ Small business owners and landlords
If you are a sole trader operating your own business and not doing so via a company then a tax return will be required. Also, if you earn any rental income e.g. from a buy-to-let, furnished holiday lettings or have "airbnb" type income then this will need to be reported,
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​Dividend and saving income
If you have income from other sources, such as savings or investments which are above a certain level then this will also be taxable and will need to be reported,
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​ Overseas income or capital gains
If you are resident in the UK and have any overseas income e.g. offshore funds, overseas property income or are an individual with remittance basis, residency or domicile issues, then a tax return will be required. Also, if you have made any gains from the disposal of capital assets then a tax return will typically need to be filed,
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​ Company directors, high-earners and partners
If you are a director of a limited company then a tax return is likely to be needed as income tends to be taken as dividends and/or salary. Also, individuals with high incomes (above a £100k) will typically need to file a return as will partners in a partnership.
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
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Hans-Werner at
Deutsche-Hypo Bank
Why not get some expert help with your accounting and tax? You'll be surprised at how easy and affordable it is to get the support you need.
What are some of the pitfalls to avoid?
Preparing a self-assessment in the UK, particularly for tax purposes, can be a complex process, and there are several pitfalls to watch out for. Here are some common mistakes and issues to be aware of when preparing your self-assessment.
Incomplete/inaccurate information
Ensure that all your income, expenses, and other financial details are accurately and completely reported. It is very easy to make a mistake here as many tax returns contain errors.
Not claiming all deductions
Be aware of the all the various business expenses and deductions you're entitled to claim. Also, other deductions that may be available e.g. donations, venture capital investments etc.
Omitting overseas income
You may have income from overseas investments, property rentals or other sources. Residents of the UK must also report overseas income. It is easy to forgotten that it is also subject to UK tax.
Neglecting pension contributions
The world of pensions has always be difficult and failing to include all contributions correctly can easily lead to an overpayment of tax and even and underpayment in some cases.
Missing the deadline
The deadline for submitting your self-assessment tax return in the UK is typically 31 Jan for the previous tax year. Failing to submit it on time can result in penalties and interest charges.
Overlooking capital gains tax
You may have disposed of some assets in the year and often these will be taxable e.g. shares or property. Capital losses should also be reported as the loss can be used later.
We offer a completely complimentary consultation. Why not give one of the team a call today to get answers to any questions you may have.
WHAT OUR CLIENTS SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
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John at Bentley Consultancy Services Ltd
​"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
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Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why should you choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
Fully regulated Chartered Tax Advisers & Accountants
Low cost
fixed fees and absolutely no hidden costs
Completely complimentary
30 minute initial consultation
Dedicated qualified accountant to ensure great service
18 years advising small businesses and individals with almost 1,000 satisfied clients