Complete you Self Assessment tax return for sub contractors

If you are an entrepreneur, a self-employed, director of a company, or have received pay during the tax year whereupon tax is expected, you need to complete your self-assessment tax return.

Tax return submission is not a difficult task for most of the contractor accounting particularly if your accountant files a complete paperwork tax for you. But you need to be very careful about some common traps you may experience en route.

Registering for Self-Assessment

If you are an entrepreneur or a director a company or you have an umbrella company that has an additional income to disclose, the top priority thing that you will need to do is to register your company for self-assessment. 

If your limited company have an accountant for the contractor, your accountant will commonly do this for you. Once you have registered your company, you will notify a UTR (Unique Taxpayer Reference) that you need to keep in a safe area.

You will receive a notification to complete a tax return each year form every year – normally in April or May. 

Deadlines

The due dates for your self-assessment tax return online is 31st January each year. Also, this is the deadline for any tax submission to HMRC. 

Penalties

You will charge for £100 penalty automatically if you couldn't submit a self assessment tax return on time. After this, you will charge £10 per day, until you reach 90 days late (£900).