In the UK tax is normally deducted at source if you are employed.  You will see this automatically deducted from your wages, pensions, and savings however when you are a business owner and have business income you must report this on a tax return.

A tax return Is essentially to declare to HMRC the income you have received which has not been taxed yet.

A tax return needs to be completed if you fall under any of the following categories

• self employed as a ‘sole trader’ and earned more than £1,000

• a partner in a business partnership

• dividends received as a director of a limited company

• some COVID-19 grant or support payments

• money from renting out a property in the UK

• any form of untaxed income that HMRC requires you to report

• tips and commissions

• income from savings, investments and dividends

• foreign income

• may need to prove you are self employed to claim tax free childcare or maternity allowance

• claim some income tax reliefs

Your tax return must be completed and submitted online by the 31st January and you will need to pay your tax return by this date.

You must register to file a tax return by the 5th October.

If you tax return is late and you miss the deadline for your tax return then you will pay a later penalty of £100. You will also be charges interest on late payments

You will have to send HMRC a tax return if you have any untaxed income such as a grant, rental property

Yahesa Accounting Ltd can help you file your tax return .Tax returns can be extremely time consuming and confusing to complete as there are a number of forms and information to keep on top of.  We will liaise with HMRC and ensure all the relevant information has been submitted and this has all been completed before the deadline.  Keeping you posted on key dates and payment deadline as well as ensuring you sign off the tax return before submitting it to HMRC. Contact us today to see how one of our qualified accountants can help you with your tax return.