Self assessment tax is an annual tax that is calculated based on your total earnings during the previous calendar year. You must pay this tax even if you do not earn any money during the current tax year.
Anyone who earns more than £16,000 per annum and has been carrying out business activities as a sole trader, partnership firm, company or limited liability partnership.
You must file a self assessment tax return when you earn more than £16,001 per year and carry on any trade or profession as an individual, partnership firm, company, or limited liability partnership. This includes anyone who carries on a business as a sole trader, partner, director, secretary, manager, employee, consultant, agent, trustee, administrator, receiver, liquidator, or other similar position.
You can submit the self-assessed tax return online at www.gov.uk/self-assessment. It's free to do so. Alternatively, to avoid any errors in the process, we recommend you reach out to certified accountants and tax consultants. Reach out to us at Elena Meskhi & Co. for more information about self assessment tax returns.
We offer a range of services to help you with your self assessment returns. These include:• Help with completing your self assessment return• Advice on how to prepare your self assessment returnWe also provide advice on how to pay your self assessment taxes online.Contact us for assistance with self assessment returns.
