Self Assessment Tax Return

At Stratos, we offer a holistic approach to helping our clients. We can look at your tax situation and offer any tax planning opportunities.

We specialise in preparing and filling personal tax returns with accuracy. Our team has years of experience between us and we will calculate any tax you owe and submit your return on your behalf.

Do I need to complete a Self Assessment Tax Return?

Most tax payers in the UK are not required to file a tax return as any tax owed will be deducted through your monthly wage.

HMRC have a useful tool which helps you to find out if you need to send in a tax return:

Check if you need to send a Self-Assessment tax return.

What are Payments on Account?

Payments on account are advance payments made towards your next self assessment tax bill.

The payments are in two instalments which are due on 31 January and 31 July.

When preparing your tax return, we advise HMRC we are acting as your agent. This allows us to view any payments you have made towards your tax bill to reduce the final balancing payment due on 31 January.

We can also review your estimated income for the following tax year to see if we can reduce your payments on account.

I am a high earner and receive child benefit, what do I do?

If you or your partner receive child benefit and your total taxable income is over £60,000, the higher earner will need to complete a Self Assessment tax return.

The taxable income includes not only your salary but any income from your savings and dividends or rental income.

If you are earning between £60,000 and £80,000, the charge will be tapered. So the closer to £80,000 your income is, the higher the child benefit charge will be.

If your income is over £80,000 you will be required to pay back the full amount.

If child benefit is the only reason for completing a tax return, you can stop receiving the payments which result in you not being required to file a tax return. More information on this can be found on HMRC’s website.

The tax charge is due on 31 January.

What is ‘Side Hustle Tax’?

You may have heard that HMRC are looking to tax you on any money from work you do outside of your day job.

This could be anything from selling your old clothes online, a hobby that is bringing in some extra cash or providing a service like tutoring or gardening.

Any extra earning outside of your salary will not be taxed through PAYE, as these earnings are not part of your employers salary to you and so will need to be reported through self assessment. It is your responsibility to advise HMRC on extra earnings you make outside of your salary.

At Stratos, we can complete a tax return on your behalf and calculate any tax owed from your side hustle. We are able to look at allowances that are available to you and will help to reduce your tax bill.

Failure to advise HMRC of any extra income you earn can result in HMRC issuing a penalty to you and any late tax payment may have interest added.

Why Stratos?

At Stratos, we combine technical expertise with a practical, client-focused approach to make Self Assessment straightforward and stress-free. We ensure your tax returns are accurate, compliant, and submitted on time, while providing clear guidance to optimise your tax position.