Self-Assessment
Mark S. Elliott has spent 25 years working in various management roles within the tenanted and leased divisions of the UK's largest breweries and pub companies. His extensive knowledge and day-to-day involvement with pubs and publicans make him well qualified to know what is required to run a successful pub. He shares his knowledge and many 'insider tips' with you in this book. Mark is based in Cockermouth, Cumbria.
SELF-ASSESSMENT
Self-assessment tax returns for individuals
Your tax payment is calculated from your self-assessment tax return which is issued in April each year and covers the period from the previous 6th April to 5th April (the tax year). For example, the 2005–06 tax year covers the period 6th April 2005 to 5th April 2006.
Your core tax return is known as an SA100 and you will also have to complete additional pages:
- Employment (SA101) – if you are an employee or company director.
- Self-employment (SA103) – if you are a sole trader.
- Partnership (SA104) – if you are self-employed in a partnership.
Returns can be completed on line or sent by post to HM Revenue and Customs.
Partnership tax returns
If you operate a standard partnership, you will also be sent a partnership tax return (SA800), which a nominated partner will be required to complete on behalf of the partnership.
Deadlines for self assessment tax returns
Some key dates for the return of your self-assessment tax returns are as follows:
- 30th September – if you want the HM Revenue and Customs to work out how much tax and National Insurance contributions you owe. HM Revenue and Customs cannot guarantee to tell you what to pay in time for the deadline if returns are received after this date.
- 31st January – is the absolute deadline for returns to be received by HM Revenue and Customs. If you miss this deadline, you will be automatically liable for a penalty of £ 100.
