Self Assessment: getting it right
If you have income that isn't taxed at source — from self-employment, property, dividends or other sources — you'll usually need to file a Self Assessment tax return.
- You must register by the relevant deadline if you've not filed before
- Returns and payments have firm deadlines, with penalties and interest for lateness
- You may need to make payments on account towards next year's bill
- Keeping records through the year makes filing far easier
How MMC helps: we prepare and file your return, make sure nothing is missed and every allowance is claimed, and tell you exactly what to pay and when.
Income tax, allowances and bands
Income tax looks simple until different types of income and tapering allowances interact. Knowing how it stacks up helps you plan.
- A personal allowance applies before tax, but it tapers away at higher incomes
- Savings and dividends have their own allowances and rates
- Married couples and civil partners may be able to transfer part of an allowance
- Spreading income across a couple or across tax years can reduce the overall bill
How MMC helps: we look at your income as a whole, spot planning opportunities, and keep you efficient as your circumstances change. Current rates are on our tax rates & allowances page.
Tax-efficient savings and investments
Where and how you save can be as important as how much. Several government-backed routes let your money grow more tax-efficiently.
- ISAs allow tax-free saving and investing within an annual limit
- Pensions offer tax relief going in and tax-efficient growth
- Higher-risk schemes such as EIS, SEIS and VCTs offer reliefs but aren't for everyone
- Using both partners' allowances can improve a household's overall position
How MMC helps: we explain the tax side clearly and work with your financial adviser so investment decisions are tax-aware. We don't give regulated investment advice, but we make sure the tax treatment is understood.
These factsheets are general guidance, not advice, and rates and thresholds change. For current figures see our tax rates & allowances page, and please contact us for advice tailored to your circumstances.
