Generally about taxation

As self-employed, you need to fill out a tax declaration form once a year. Once the income calculation is done, you need to pay tax and National Insurance Class 4. Not all income is taxable, and you only need to pay income tax if the profit reaches a certain amount. The amount of payable tax can be reduced by other factors as well, for example the deduction of costs.

The fiscal year is always from the 6th of April until the following year 5th of April. The deadline for tax returns is the 31st of October in case of paper based declarations, and the 31st of January in case of online tax returns.

The deadline for tax payment is also the 31st of January.

Income tax percentages:

Tax 2013 – 2014 2014 – 2015 2015 – 2016 2016 – 2017
20%   £0 – £32,010 £0 – £31,865 £0 – £31,785 £0 – £32,000
40% £32,011 – £150,000 £31,866 – £150,000 £31,786 – £150,000 £32,001 – £150,000
45% above £150,000 above £150,000 above £150,000  above £150,000

Advance taxes

If the payable tax is more than £1,000, tax authorities require advance payment. The amount of advance tax equals with the amount of payable tax, which should be paid to the tax authorities in 2 instalments.

Tax return

Paper tax returns for the 2017-2018 fiscal year must be submitted by the 31st of October, 2018.

Online tax returns for the 2017-2018 fiscal year must be submitted by the 31st of January, 2019.

Generally speaking, all self-employed entrepreneurs must submit a tax return for each tax year, regardless of income.

We can start the arrangements for your tax return following a previously agreed face-to-face meeting, or alternatively, after a consultation via email, post, or phone.

To provide you with quality service and ensure the accuracy of the tax return, we need to have an overview of work activities and income of the fiscal year.

Therefore, you are required to fill out a form; we will use this data to determine what kind of services we should provide for you, and we can also calculate the price. Once you approve, we compile the contract package and issue an invoice. After we received all documents needed for filing your tax return, and you paid the service fee, we start to handle your case.

We inform you about the calculated amounts, and submit the tax return to the HMRC.

We will send you a document package that you need to keep for 6 years.

Our company does not work based on figures given by clients, but based on bills and bank statements available to us and collected by us. We provide a complete and itemized accounting and bookkeeping service, which results in maximum accuracy, and up to 100% reclaimed tax.