Self Assessment Tax Return

Filing a personal tax return, also known as self assessment tax return is a yearly reality for many UK individuals with diverse income sources. At Spherical, we offer professional yet approachable support to make your Self Assessment process smooth, accurate, and stress-free.

Whether you’re a high-earning professional, self-employed, a landlord, an investor, or have income from abroad, our expert team will ensure your tax return is completed correctly and optimised to minimize your tax liability within the law.

Spherical will assist in compiling your business accounts for the year, identifying every expense you can claim to reduce your taxable profit, and accurately compute your tax and NICs — ensuring that being your own boss doesn’t come with unwelcome tax surprises.

Rental Income

Rental property income is another common reason to require a personal tax return. If you rent out a house, flat or any property (or even part of your home), you need to declare your rental income on a Self Assessment return if it exceeds the tax-free property allowance (£1,000).

We help landlords report all rental receipts and deduct eligible expenses like mortgage interest (subject to current limits), repairs, insurance, and letting agent fees, so that you are taxed only on your net rental profit. Even if your profit is small or nil after expenses, it’s important to file if your gross rental income was above the allowance.

If you’re a non-resident landlord receiving UK rental income, we’ll ensure your UK tax obligations are met and any applicable double-taxation relief is claimed. With Spherical’s guidance, you can be confident that your rental earnings are fully compliant and optimized for tax efficiency.

Investment Income (Interest & Dividends)

Many individuals receive income from investments – typically interest from savings or bonds, and dividends from shares. These are subject to special tax rules and allowances.  If your interest or dividend income exceeds certain allowances, or if you’re a higher-rate taxpayer who needs to pay additional tax on dividends, you are required to report this on a Self Assessment return.

For example, dividend income above the annual allowance is taxed at basic rate band or higher, depending on your total income, and this must be settled via a tax return. Spherical will collate all your investment income – including interest, dividends, and any other returns – and correctly apply the allowances.

We make sure that any extra tax due on investments is calculated accurately. If you have significant investments or multiple accounts, our team’s meticulous approach prevents oversight, so all your savings and investment income is accounted for in the most tax-efficient way.

Capital Gains

A capital gain arises when you sell or dispose of an asset for more than you paid for it. You might incur capital gains tax (CGT) if, for instance, you sold a second property, stocks, cryptocurrency, or a valuable collectible at a profit. Each individual has an annual CGT exemption (Annual Exempt Amount); only gains above this amount are taxable.

If your total gains in a tax year exceed the allowance or if you sold an asset that required reporting (such as a property where CGT is due), you must include the details on your tax return. Calculating capital gains can be complex – you’re allowed to deduct costs like purchase price, improvement expenses, and selling costs, and there are different tax rates for property vs. financial assets.

Our experts at Spherical will compute your gains precisely, apply any available reliefs (for example, Business Asset Disposal Relief for qualifying business sales, or Principal Private Residence Relief for your main home), and determine the correct amount of CGT.

We will also make sure to declare any capital losses you had, as these can be used to offset gains and reduce your tax bill. By entrusting us with your capital gains reporting, you can be confident that no detail is overlooked – from correctly reporting the gain to meeting deadlines for any separate HMRC filings that may be required when selling property.

Residence & Foreign Income

Your residence status affects what income you need to report in the UK. In general, if you are a UK resident, HMRC expects you to report your worldwide income on your UK tax return. This means even income from abroad – foreign salaries, overseas rentals, investments in other countries – must be declared here, even if it has been taxed elsewhere.

There is a common misunderstanding that you can ignore foreign income taxed overseas if you don’t bring it into the UK, but this is not correct in all the cases.

If you’re non-UK resident, you typically only need to report and pay UK tax on your UK-sourced income, for example, UK rents or UK employment income. Non-residents generally don’t pay UK tax on purely foreign income, but they may still need to file a tax return to declare UK income or gains.

We handle all the complex rules around residency and domicile, ensuring that expatriates, international professionals, and non-residents meet their UK tax obligations while avoiding double taxation. If you have paid foreign taxes, we’ll claim the appropriate Foreign Tax Credit Relief on your UK return, so you don’t pay tax twice on the same income.

Our Expertise

Why Spherical?

Choosing Spherical means choosing peace of mind for your personal tax matters. We provide:

Qualified Tax Experts: Our team consists of experienced chartered tax advisers who specialise in UK personal tax. We stay up-to-date with the latest tax laws, so your return is in trusted hands.

Personalised Service: No two taxpayers are alike. We take time to understand your unique situation – whether you have one straightforward PAYE job or a complex mix of incomes – and tailor our advice to maximise your tax savings.

Accuracy & Compliance: We prepare and double-check your Self Assessment thoroughly, minimising errors. Our careful approach helps you avoid HMRC penalties and ensures every required detail is disclosed properly.

Time Savings & Support: Forget wading through tedious forms. We handle the entire tax return process for you, from gathering information to submission. You’ll meet all deadlines without stress, and our friendly team is on hand to answer any questions in plain English.