In the United Kingdom, each tax year runs from April 6th to April 5th of the following year. You have the time from April 6th to January 31st to settle your self-employed tax in the UK.
If you do not send the statement within the deadline... HMRC may charge you a penalty of up to £6,500. Everyone who has a UTR number, regardless of the lack of income from self-employment, is obliged to submit an annual tax settlement.
The tax-free amount is £11,500*
Amount free from the NIN4 contribution: £8,164*
Obligation - Tax Settlement in England
You are obligated to register VAT after exceeding the sum of turnover of £85,000
It is possible to hire employees, subcontractors and the PAYE system
The self-employed status can be chosen by anyone who wants to work individually
Having previously experienced numerous delays in the completion of my accounts and submission to the relevant authorities by previous accountants, I have to say how much of a refreshing change it has been to have everything dealt with on time By ABS-Service Ltd.
I dreaded each quarter as it came around until I met with the team at ABS-Service Ltd. For the last couple of years all I have had to do is present my paperwork by an agreed date and everything is taken care of. We then had a further chat and I have been able to reduce my VAT bill by over 50%.
We've been dealing with ABS-Service Ltd for 3 years now and have always found their industry knowledge, expert advice and professional service provided by the 'Team' at ABS-Service Ltd a great resource for our company.