Self assesments

Self Assessment commenced in year of assessment 1999 (basis year 1998) and placed the burden of calculating tax payable on the tax payer. Depending on your circumstances and the sources of income you have, the Self Assessment Tax Return can be very difficult and confusing to complete.

Does Self Assessment apply to you?
Self Assessment does not apply to a large majority of people who are employed, pay their tax through the Final Settlement System (FSS) and complete the simple declaration. However, if the Inland Revenue sends you a Self Assessment form, then you must complete it and submit it to them, even if you do not have any tax to pay.

Self Assessment is likely to apply to you if you are:

• an individual with more complex affairs
• self employed - both individuals and partnerships.

When do you need to complete your tax return?
The Inland Revenue will send you a tax return to complete. A tax year is the calendar year.

Your return must be submitted to the Inland Revenue by 30 June following the end of the tax year.
If your tax return is submitted after 30 June, you will be liable to a penalty.

When must you pay your tax?

Depending on your sources of income, Inland Revenue may request you to make Provisional Tax (PT) payments during the tax year. Any outstanding tax balance is to be settled by 30 June following the end of the tax year. Interest applies on tax payments made after the due date.

How can Grant Thornton help?
Self Assessment can be very complicated and time consuming. Grant Thornton can complete your tax return on your behalf, calculate your tax liability and advise you exactly when to make payments and how much to pay. We have the expertise to take the burden away from you.