FAQs

Got questions? We’ve answered some of the most common ones:

📌 How do I know if I need to file a self-assessment tax return?
You need to file a tax return if you:
✔️ Are self-employed or a sole trader earning more than £1,000
✔️ Earn more than £1,000 outside PAYE (e.g., rental income, dividends, freelancing)
✔️ Earn over £150,000 in salary
✔️ Have untaxed income (e.g., foreign income, investments)

📌 When is the deadline for self-assessment tax returns?
The deadline for online submissions is 31st January following the end of the tax year. Paper submissions must be filed by 31st October.

📌 How do I pay my self-assessment tax bill?
You can pay online through HMRC’s website, by direct debit, or via your bank. You’ll need to quote your UTR as the payment reference so that HMRC can allocate the payment correctly.

📌 When do I need to register as self-employed?
You must register with HMRC if you earn more than £1,000 from self-employment in a tax year. This should be done by 5th October following the end of the tax year.

📌 Should I operate as a sole trader or a limited company?
Sole traders have simpler tax obligations, but limited companies can offer tax efficiency and liability protection. The best option depends on your income and long-term goals. We can help you to make the choice.

📌 When do I need to file my Corporation Tax return?
Your Corporation Tax return is due 12 months after your company’s year-end, and the tax payment is due within 9 months and 1 day after year-end.

📌 When do I need to register as an employer?
If you pay anyone (including yourself) over £96 per week, you need to register for PAYE.

📌 Do I need to register for VAT?
If your turnover exceeds £90,000 (in any 12 month period), VAT registration is mandatory. If you're below the threshold, voluntary registration may still be beneficial. We’d be happy to discuss this further with you.

📌 When can I de-register for VAT?
If your turnover drops below £88,000, you can apply to de-register from VAT.