Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income (including COVID-19 grants and support payments) must report it in a tax return.
If you earn any income which is not taxed, it is a legal requirement to submit an annual Self Assessment Tax Return. Bloomfield Accountancy will help you and advise you on ways of reducing your tax liability if applicable. If you don't submit your self assessment or if you don't submit it on time, you will receive a financial penalty from HMRC.