The 2023/24 self-assessment filing deadline is on 31st January

Completing a self-assessment tax return can be time-consuming and sometimes stressful, especially if left to the last minute.

Completing a self-assessment involves reporting your personal earnings for the relevant tax year and filing your return by the 31st January 2025 deadline. Missing the deadline will land you an instant £100 late penalty and further penalties the longer you wait to file – so don’t delay.

Keep reading for more information about self-assessment tax returns, including advice to help you identify if you need to submit one, and how Churchill Knight can help.

Do I need to submit a tax return if I work through an umbrella company?

As an umbrella company employee, the Pay As Your Earn (PAYE) system automatically deducts tax from your wages. If your only income is paid via PAYE and you are below the self-assessment threshold (£150,000 before tax), you will not likely need to file a tax return. However, there are instances where you will be required to submit a tax return to HMRC. If HMRC has not contacted you to complete a tax return, you must ensure you register for self-assessment and submit one by the filing deadline.

You must complete and submit a personal tax return for the tax year 6th April 2023 to 5th April 2024 if you fall into one of the below categories:

  • If you have an annual income of £150,000 or more paid through PAYE
  • You receive any form of untaxed income specified by HMRC, capital gains or losses
  • You or your partner are affected by the High Income Child Benefit Charge
  • You are a higher rate or additional rate taxpayer and make contributions to a pension scheme
  • You receive foreign income even if you don’t normally live in the UK
  • You receive rent or income from property in the UK
  • You are a higher-rate taxpayer
  • You are self-employed or a sole trader
  • You are the director of a limited company and get paid via dividends

Please visit the government’s website if you are unsure whether you need to submit a tax return.

Churchill Knight Umbrella has an in-house Personal Tax Department

Our dedicated in-house personal tax team has saved our umbrella employees many hours of stress and confusion by filing their returns accurately and on time.

When appointing Churchill Knight Umbrella to complete your tax return, you’ll benefit from the following:

  • Completion and submission of your tax return to HMRC
  • Continuous help and support from Churchill Knight Umbrella’s expert team
  • They’ll advise you of your tax liability or if you are due a refund
  • Advice on ways to legally reduce your tax liability

To find out more about our tax return service or to appoint Churchill Knight Umbrella to complete your return, please give our expert team a call on 01707 871622.

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