UK Self-Assessment
Self-Assessment
In the United Kingdom, individuals bear the responsibility of ensuring accurate tax filings & payments to His Majesty’s Revenue and Customs (HMRC). This obligation is fulfilled by completing a self-assessment tax return for the tax year (which runs from 6 April to the following 5 April). The self-assessment tax return is due by 31 January after the end of the tax year (if submitting electronically). However, there are some key benefits to submitting your return early:
- You have more time to plan your finances.
- You might have the option to pay your liability in installments (collected against future salary/pension income).
- If you have made payments on account (on account of receiving untaxed income) it might be possible to reduce your payments.
- If you have overpaid in taxes you can claim a refund.
Registering for self-assessment
Registering for self-assessment is not automatic but it is a relatively straightforward process. You can let HMRC know about your situation and why you might need to file a self-assessment tax return online here, or by calling the HMRC self-assessment helpline on 0845 900 0444.
Please be aware that you must register by 5 October after the end of the tax year in which your requirement to file began. Failure to register on time can result in penalties.
We act for a range of individuals here in the UK and further afield. We have a wealth of experience in providing tailored advice to suit your needs. We are specialists in advising clients on international affairs.
Pricing
Our fees vary according to the complexity of your affairs and also the quality of your data. We always work on a fixed fee basis and we offer discounts where you use Phinch for another service (such as US tax compliance or accounts compliance). Considering our high level of expertise, with a chartered tax adviser leading the team, we offer highly competitive pricing for tax compliance.
Please book a call with a member of the team to discuss your affairs so that we can provide you with a fixed fee quote to help you with your tax compliance obligations.
Did you know that our niche is our ability to help US Citizens with tax advice/compliance services? We have an in-depth understanding of the US/UK Double Tax Treaty, and this sets us apart from most small accountancy firms here in the UK.
Testimonials
What our clients say about us
Mike Perry
The whole team are incredibly helpful and great at what they do. I can't recommend them enough!
Malia Brown
Thank you to [The Phinch] team for all your support over the years. It's very much appreciated and valued.
Grace Eden
Excellent guidance through process with a high degree of expertise. A very smooth experience.
John Hatton
My association with Phinch has been a positive one. Their attention to detail and thoroughness has been impressive. Communications in person, online and on the phone have been helpful and expedient, and their patience with my last-minute submission of forms takes pressure off the proceedings.
Jane Jarzebowski
My husband & I returned to the UK after a long period of living abroad. Phinch were highly recommended to us as a business that was both professional and compassionate. We have received excellent advice & support from everyone who has helped us and we continue to do so. Thank you so much to you all.