Self Assessment is a term referring to a tax return submitted in the UK
The document is submitted once a year to inform HMRC of the profits made. These are taxable profits, i.e. those on which tax must be paid. Based on the tax return, it is possible to determine what amount of tax should go to HMRC, whether the taxpayer should transfer an additional amount to the office or whether he or she should be entitled to a refund of the overpaid tax.
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Every person who was self-employed in the past tax year must remember about settlements, even if they were employed full-time at that time. The obligation also rests with company directors, unless it is a non-profit organization and the director did not receive any remuneration or benefits, e.g. a company car, due to the function performed.
Self Assessment is also submitted by people who obtained high income (exceeded legal limits) from the provision of services or sales of goods, from renting real estate, savings and investments, or achieved profits from the sale of shares, a house or other assets. People who had income from abroad or lived abroad and had income in Great Britain are also taxed.
Each time, a person whose income exceeds £100,000 (or £50,000 if the partner received Child Benefit). The settlement is also submitted by a person who has outstanding tax to pay and is no longer employed.
Tax settlements in the UK – what is worth remembering?
Taxpayers should remember to settle their taxes on time. The tax year in the UK runs from April 6 to April 5 of the following year. The tax return is submitted only after this date, which is different than in Poland. Self Assessment can be submitted in both paper and electronic versions. As for the paper version, it should reach HMRC by October 31. The deadline for sending the electronic document is January 31, which coincides with the deadline for paying the calculated tax.
Polish accounting office in the UK – assistance in preparing Self Assessment
If a taxpayer is not sure whether he should submit a Self Assessment or does not know how to do it, he can count on the help of a Polish accounting office in England. The British tax system is not particularly complicated, but that does not mean that everyone needs to know exactly how to settle taxes. Both entrepreneurs and people employed full-time or earning income from other sources can ask an accounting office to prepare a Self Assessment.
Self-employed people, who are obliged to submit Self Assessment tax returns first, expect special help. A Polish accounting office in the UK prepares a special offer for such people and helps with current accounting, as well as deals with tax matters at the end of the year. In addition, a Polish UK accountant can conduct financial analysis of the entrepreneur and even perform tax optimization.
Self Assessment and tax relief
A taxpayer who submits an annual return may benefit from tax reliefs resulting from running a business. Self-employed people can apply for a deduction for expenses such as: premises rent, business trip costs, office, financial and advertising costs. Of course, people who meet the conditions specified in the regulations can benefit from these reliefs. Every UK accountant who deals with accounting for companies of various sizes will tell you more about the conditions for granting tax relief.
