Self Assessment Tax Return Service
Navigating HMRC’s requirements can be confusing and time-consuming. At RLFB Accountants, our expert self assessment tax return service is designed to take the stress away and ensure your tax affairs are managed accurately and efficiently.
What Is a Self Assessment Tax Return?
A self assessment tax return is the method HM Revenue & Customs (HMRC) uses to collect income tax from individuals who do not have their tax deducted at source, such as self-employed people and sole traders. It requires you to report your income, expenses, and any other relevant financial information for the tax year.
Filing your self assessment tax return correctly and paying the correct amount of tax is essential to comply with UK tax law. Failure to submit your return on time or providing inaccurate information can lead to fines, interest charges, and other complications.
With the right guidance and support, completing your tax return can be a smooth and hassle-free process.
Lets start with a chat
I take time to get to know you and your business
Expertise
Tax laws and regulations change regularly. Our accountants stay up to date with the latest rules to keep your filings accurate.
Time-saving
Preparing tax returns can be time-consuming. Outsourcing this task frees you to focus on your business.
Financial Optimisation
We help identify all legitimate expenses and tax reliefs to reduce your overall tax burden; bringing you peace of mind.
Error Reduction
Mistakes on your tax return can trigger investigations or penalties. Professional preparation reduces this risk.
Who Needs to File a Self Assessment Tax Return?
If you are a sole trader or self-employed, you are usually required to file a self assessment tax return each year. However, there are other situations where filing may be necessary, such as:
- Receiving income from property rentals or savings and investments
- Being a limited company director
- Having untaxed income, for example from freelance work or overseas earnings
- Claiming certain tax reliefs or expenses
Our self assessment services team can assess your circumstances to confirm whether you need to file and guide you through the process and help avoid any unexpected or hidden costs.
Common Self Assessment Expenses for Sole Traders and the Self-Employed
Understanding what expenses you can claim is vital for reducing your taxable income. Some of the most common allowable expenses include:
Office costs such as stationery, phone bills, and internet charges
Office-related expenses can be claimed as allowable costs when they are used wholly and exclusively for your business. This includes everyday items such as pens, paper, and printer ink, along with mobile or landline phone bills and internet usage. If you work from home, you may be able to claim a proportion of your household bills based on business use.
Travel costs related to your business activities
Travel that is necessary for your business can be included in your self assessment tax return. This covers mileage for using your car, train and bus fares, and even accommodation costs if you need to stay overnight. However, you cannot claim for personal journeys or commuting between home and your regular place of work.
Equipment and tools necessary for your work
Any equipment, tools, or machinery that you need to run your business may be claimed as an expense. This might include laptops, specialist software, hand tools, or larger items depending on your industry. In some cases, the cost may be claimed in full or spread over time through capital allowances, potentially reducing your tax bill.
Professional fees, including insurance and subscriptions
You can claim for business-related professional fees, such as public liability insurance, accountancy fees, or trade association memberships. Subscriptions to professional journals or magazines that relate to your work may also be allowable. These expenses must be directly linked to your trade or profession.
Marketing and advertising expenses
Spending on marketing and promotion is an allowable business expense. This could include online adverts, website hosting, printing business cards, or running social media campaigns. As long as the activity is undertaken to attract or retain customers for your business, it can be included in your self assessment tax return.
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Frequently Asked Questions
When are self assessment tax returns due?
Paper tax returns are due by 31 October and online tax returns must be submitted by 31 January following the end of the tax year. Any tax owed must also be paid by 31 January.
Who needs to complete a self assessment tax return?
You need to complete a self assessment tax return if you are self-employed, a sole trader, a company director, or if you receive untaxed income such as rental income or earnings from freelance work.
Is self assessment and tax return the same?
They are closely related. Self assessment is the system used by HMRC, and the tax return is the form you complete to declare your income and calculate your tax under that system.
How much do you need to earn before doing a self-assessment tax return?
You must register for self assessment and submit a tax return if you earn more than £1,000 in self-employed income during the tax year.
This applies even if it’s a side business or freelance work. If you earn under £1,000, you may not need to file, thanks to the trading allowance, but you should still check with HMRC or a qualified accountant based on your full circumstances.