Self Assessment

Self Assessment is used to report income, gains and tax relief claims that need to be dealt with through a tax return. Although employment income is usually taxed through PAYE, you may still need to file a return depending on your other income and circumstances. Being a company director does not, by itself, mean a return is required.

At Tika Accountancy, we help individuals understand their reporting obligations and prepare accurate tax returns. We support clients with straightforward UK income as well as more complex affairs involving overseas income, investments and residence issues.

How we can help

Our services can include:

• Assessing whether you need to register for Self Assessment

• Preparing and submitting personal tax returns

• Reporting self-employment, rental income, savings, dividends and capital gains

• Reviewing overseas income, investments and insurance policy gains

• Assessing UK tax residence, split-year treatment and Foreign Income and Gains (FIG) relief claims

• Reviewing applicable allowances, expenses and tax reliefs

• Explaining tax calculations, payment deadlines and payments on account

• Assisting with amendments and HMRC correspondence

Online tax returns and balancing tax payments are generally due by 31 January following the end of the tax year. Payments on account may also be required in January and July.

Making Tax Digital for Income Tax

Making Tax Digital (MTD) for Income Tax introduces digital record-keeping and quarterly reporting for sole traders and landlords who meet the relevant conditions.

Subject to exemptions, the phased start dates are:

• From 6 April 2026: qualifying income over £50,000 in 2024/25

• From 6 April 2027: qualifying income over £30,000 in 2025/26

• From 6 April 2028: qualifying income over £20,000 in 2026/27

Qualifying income generally means combined gross income from self-employment and property, before expenses. Employment income, pensions and dividends do not count towards these thresholds. Individual circumstances and exemptions must also be considered.

Those within scope must use compatible software to keep digital records, send quarterly updates and submit their annual tax return. Quarterly updates do not replace the annual return or, by themselves, introduce quarterly tax payments.

We can help assess whether and when MTD applies, review software and record-keeping arrangements, and agree support for quarterly updates and annual reporting.

Contact us to discuss your circumstances. Annual tax return preparation, bookkeeping and MTD reporting support will be scoped and priced according to the work required.