Who Needs to Submit Self-Assessment Tax Returns?

Self-Assessment is a process created by HMRC that allows individuals with untaxed income to
report it and pay any due tax. Those who typically need to complete a tax return include:

• Self-employed individuals or sole traders
• Landlords
• Employees with salaries over £100,000
• Individuals receiving dividends
• Those earning gross salary of £50,000 , claiming child benefit, and needing to pay the high-income child benefit charge
• Individuals with savings or investment income of £10,000 or more
• Those with capital gains to report, such as from selling a second property
  
  The Tax Year
  Tax returns are issued shortly after the end of the financial year, which runs from April 6th to
  April 5th of the following year. For example, the 2023/24 financial year runs from April 6, 2023,
  to April 5, 2024.

        Typically, tax returns must be submitted by January 31st following the end of the financial year.
        For the 2023/24 financial year, paper returns are due by October 31, 2024, and online returns
        by January 31, 2025.

       Responsibility and Penalties

       HMRC does not notify individuals to file their tax returns; it is the taxpayer's responsibility to
       ensure timely submission. Missing the deadline results in penalties:

•   £100 immediately after the due date
• £10 daily penalties up to £900 for returns over 3 months late
• £300 for returns over 6 months late
• An additional £300 for returns over 12 months late
  
  How Sigma Accounting Can Help
  Self-Assessment tax returns can be complex and challenging to complete. At Sigma
  Accounting, we can handle your Self-Assessment tax return, ensuring all information is
  accurate, you pay the correct amount of tax, and avoid unnecessary penalties.