Who Needs to File Accounts and Tax Returns? Self Assessment Guide 2025
Who Needs to File Accounts and Tax Returns? Self Assessment Guide 2025
Filing your accounts and tax returns correctly and on time is essential to stay compliant with UK tax laws and avoid costly penalties. At Filing Accounts, based in Hounslow, we specialise in providing expert, affordable accounting and tax filing services to individuals and businesses across West London, including Feltham, Slough, Kingston, Richmond, and surrounding areas. Our dedicated team of accountants is here to simplify your financial obligations and help you maximise tax efficiency.
Who Needs to File Accounts and Tax Returns?
Not everyone in the UK needs to file a Self-Assessment tax return, but many individuals and businesses do. Understanding if you fall into one of these categories is the first step in meeting your tax obligations. Here’s a detailed overview:
1. Self-Employed Individuals (Sole Traders)
If you are self-employed and your income from self-employment exceeds £1,000 in the tax year, you must file a Self-Assessment tax return. This includes sole traders who need to report their income and allowable business expenses to calculate taxable profits accurately.
2. Company Directors
Directors of limited companies are required to file personal tax returns, regardless of whether they receive a salary or dividends. From the 2025/26 tax year, directors must also provide additional details such as the company’s registered number, dividend values, and their shareholding percentage as part of new mandatory reporting requirements.
3. Landlords with Rental Income
If you receive rental income from properties you own, including furnished holiday lets or letting furnished rooms, you must declare this income on a tax return. Even if your rental income is below the £1,000 property allowance, a tax return is necessary if you claim expenses or other deductions.
4. Individuals with Additional Income
This includes income from:
- Foreign earnings
- Dividends and investments
- Savings interest exceeding personal allowances
- Freelance or side business income
All untaxed income must be reported to HMRC.
5. High Earners
If your annual income exceeds £100,000, you are required to file a tax return due to additional tax rules such as the High Income Child Benefit Charge or the reduction of your Personal Allowance.
6. People with Capital Gains
If you have sold or disposed of assets such as property, shares, or business assets and made a profit exceeding the Capital Gains Tax exemption (£3000 for the year 2025/26 tax year) (£12,300 for the 2023/24 tax year), you must file a return to report and pay Capital Gains Tax.
7. Individuals Claiming Tax Reliefs
If you claim reliefs such as Gift Aid donations, pension contributions, Marriage Allowance, or Blind Person’s Allowance, you will need to file a tax return to process these claims.
8. Non-Residents with UK Income
Non-residents who have UK income sources, such as rental income or business income, must file a tax return. Non-residents typically file paper returns by 31 October but can also file online through an accountant.
9. Beneficiaries Receiving Trust Income
If you receive income from a trust, you must declare this income via a tax return.
10. Individuals with Complex Tax Situations
Those with multiple income streams, foreign income, or partnership interests should file to ensure all taxable income and reliefs are properly accounted for.
Important UK Tax Filing Deadlines
- Register for Self-Assessment: By 5 October 2025 if you need to file for the 2024/25 tax year.
- Paper Tax Return Deadline: 31 October 2025.
- Online Tax Return Deadline: 31 January 2026.
- Payment Deadline: 31 January 2026 for any tax owed.
Missing these deadlines can result in immediate penalties starting at £100, with further fines and interest accruing for continued late filing or payment.
Why Choose Filing Accounts for Your Filing Accounts Service in Hounslow and West London?
- Local Expertise: We understand the financial landscape of West London and provide tailored accounting services for Hounslow, Feltham, Slough, Kingston, Richmond, and nearby areas.
- Affordable Pricing: We are among the cheaper accountants in the region, delivering quality without the high costs.
- Comprehensive Services: From sole traders and company directors to landlords and complex tax cases, we cover all filing accounts needs.
- Avoid Penalties: We ensure your accounts and tax returns are accurate and submitted on time, helping you avoid costly fines.
- Maximise Tax Efficiency: Our experts identify all allowable expenses and reliefs to reduce your tax liability.
- Personalised Support: We guide you through every step, from registration to final submission and payment.
Client Testimonial
“Filing Accounts made filing my tax return straightforward and stress-free. Their team in Hounslow was professional, affordable, and always available to answer my questions. I highly recommend their services to anyone needing expert accountants in West London.”
— Mark L., Freelancer, Feltham
How We Assist You with Filing Your Tax Return
- Registration Support: Helping new clients register for Self-Assessment before the 5 October deadline.
- Document Preparation: Advising on the records you need to gather for accurate filing.
- Accurate Submission: Preparing and submitting your accounts and tax returns in full compliance with HMRC regulations.
- Ongoing Advice: Providing tax planning and future filing guidance to keep you ahead.
Contact Filing Accounts Today
If you are searching for reliable, affordable accountants in Hounslow or West London to manage your filing accounts and tax returns, contact Filing Accounts. Our friendly, professional team is ready to help you stay compliant, save money, and reduce stress.