Self Assessment Tax Return
in Woolwich, London
Manage your personal tax affairs with quality tax planning services from Lesstax 4 U. Understanding that all clients are different, our accountants offer guidance and expertise for clients in Woolwich, London, and throughout the UK. Whether you simply need your annual tax returns completed efficiently or you require specialist advice, we’re here to help. Get in touch today to find out more.
Personal Tax Affairs
Individuals have different requirements from our business clients. Examples of personal tax affairs include:
- You Are a High Earner above £100,000 or Have Substantial Investments
- You Earn More Than £50,000 with Other Income and You Receive Child Benefits.
- You Are a Buy-to-Let Landlord
- You Participate in a Rent a Room Scheme
- You Require a Tax Refund relating to Employment Expenses
- You Are a Tradesman or Work in the Construction Industry Scheme (CIS)
- You Have Various Different Sources of Income and Think You Pay Too Much Tax
- You Have Self-Employment Income
- You Have Sold an Asset
- You Receive Tips and Commission
When to Complete a Tax Return
Self-assessment is a system of HM Revenue and Customs (HMRC) used to collect income tax. The tax is usually deducted from wages (both part-time and full-time employees), pensions and savings income.
You should complete a self-assessment tax return if you have earned income or profits from:
- Sole Trading
- Property Income
- Capital Gains
- Business Partnerships
- Foreign Income or Gains
- Non-UK Residents or Dual Residents
If you are not registered for self-assessment you need to inform HMRC, by registering no later than 5th October following the tax year you had income from self-employed.
The deadline for filing a return is 31st January after the end of the tax year for online submission and 31st October for paper returns. The payment deadline is 31st January following the end of the tax year or 31st July for payment on account.
Self-Assessment Returns
As accountants, we understand that self-assessment can be time-consuming and confusing for busy individuals and self-employed people.
It can also be costly if penalties are imposed by HMRC for missing deadlines, filing incorrect returns, or maintaining inappropriate records.
With our comprehensive individual tax services, our specialised small business accountant team will work on your tax returns for you, giving you peace of mind while also freeing up your valuable time to focus on other tasks.
We will calculate how much tax you have to pay, minimise your bills wherever possible, and complete and file your tax return accordingly. Our accountants will always explain your results before we submit anything.
You may also need to send a tax return if you have any untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
You can choose to fill in a tax return to:
- claim some Income Tax reliefs
- prove you’re self-employed, for example to claim Tax-Free Childcare or Maternity Allowance
- pay voluntary National Insurance contributions
Income Tax Rates & band
The table shows the 2025/26 tax rates you pay in each band if you have a standard Personal Allowance of £12,570.
Income tax bands are different if you live in Scotland.
| Band | Taxable income | Tax rate |
|---|---|---|
| Personal Allowance | Up to £12,570 | 0% |
| Basic rate | £12,571 to £50,270 | 20% |
| Higher rate | £50,271 to £125,140 | 40% |
| Additional rate | over £125,140 | 45% |
How much tax you pay on dividend
How much tax you pay on dividends above the dividend allowance depends on your Income Tax band shown above. Use your dividend allowance as dividends within this threshold are tax-free. The dividend allowance for 2025/26 is £500.
| Tax band | Tax rate on dividends over the allowance |
|---|---|
| Basic rate | 8.75% |
| Higher rate | 33.75% |
| Additional rate | 39.35% |
To work out your tax band, add your total dividend income to your other income. You may pay tax at more than one rate.
You can also see the rates and bands without the Personal Allowance. You do not get a Personal Allowance on taxable income over £125,140.
Personal Tax Planning
No matter how complex your tax affairs are, it is your responsibility as a taxpayer to pay taxes and file your return on time. Professional support and advice can be essential to enhance your tax position.
Our London-based accountants will support you with all financial issues, advise and guide you on all tax-related areas, and explore all available tax planning options with you.
This will help you to keep on top of your financial situation and save money by taking advantage of any potential benefits.
Our wide range of tax planning services includes:
- Account Preparation
- VAT
- Capital Gains Tax
- Tax free investments
- Payroll Services
- Income Tax
- Pension
- Tax efficient investments
Capital Gain Tax
Capital gains tax (CGT) may be incurred by many different transactions, most commonly the disposal of shares, sale of property, and sale of a business.
You can also have a CGT bill from transferring an asset to a family member even if you don’t receive any consideration for it.
The lower rate of CGT has increased, from 10% to 18%, and the higher rate from 20% to 24% from 30th October 2024 and 32% on your gains from ‘carried interest’ if you manage an investment fund .
If you sold a property in the UK on or after 6 April 2020
You must report and pay any Capital Gains Tax due on UK residential property within:
- 60 days of selling the property if the completion date was on or after 27 October 2021
- 30 days of selling the property if the completion date was between 6 April 2020 and 26 October 2021
You will be charged interest and have to pay a penalty if your payment is late.
Fortunately, there are many reliefs available to minimise bills or avoid them altogether. For instance, there are attractive reliefs for disposing of a business. Contact a member of our team today to discuss your potential liability for capital gains tax.
Individuals have an annual capital gains tax exemption for 2025-26 of £3,000. If the total of all gains and losses in the tax year fall within this exempt amount no tax is payable.
Gains in excess of the annual exemption will be taxable.
Rates for Capital Gains Tax
The Capital Gains Tax rate you use depends on the total amount of your taxable income, you should work that out first.
From 6 April 2025 onwards
The following Capital Gains Tax rates apply:
18% and 24% for individuals (not including carried interest gains)
32% for individuals for carried interest gains
24% for trustees
24% for personal representatives of someone who has died (not including carried interest gains)
32% for personal representatives of someone who has died for carried interest gains
14% for gains qualifying for Business Asset Disposal Relief and Investors’ Relief
Managing Your Tax Responsibilities
We provide an array of services for individuals, including tax returns and planning advice.