Self-assessment is a system used by HM Revenue and Customs to collect income tax. Self-Assessment Tax Return
Tax is usually deducted automatically from salaries, pensions and savings. Individuals, sole traders, or corporations with other income must declare it on a self-assessment tax return.
The deadline for filing your self-assessment income tax return and paying your tax bill for the year is January 31. Unfortunately, failing to file your tax return on time could result in significant penalties and accrued interest from HMRC. This is why it is so important to make arrangements early on to ensure everything is completed on time.
Another great benefit of being organized with your tax matters is that you will know how much tax is due in advance with a good amount of time to pay your balance to HMRC.
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Accounting Tax Return
Getting married, having children, education expenses, buying or selling property, pension contributions, salary increases, investments, dividend payments, stocks, employment status and inheritance are just some of the events that can affect the amount of tax you owe. You may even end up transferring tax responsibilities to family members after your death.
The good news is that some of these factors actually reduce your tax bill. The bad news is that HMRC’s main responsibility is to collect your taxes and make sure you haven’t underpaid, not to alert you if you’ve overpaid.
Our goal is to get rid of these complications, make sure you pay the right amount of taxes, and free you up to focus on more enjoyable things like spending time with your family or growing your business.
Do I have to file a tax return?
Most taxpayers in the UK are tired at source and so do not need to complete a Self Analysis Tax Return. ‘Strained at source’ implies that the money you receive has actually currently had tax removed, such as the incomes you obtain from your company when paid under the Pay As You Earn (PAYE) system or UK financial institution passion exhausted at source.
Individuals that have earnings that has actually not been exhausted at resource, or not strained at the appropriate price, and on which tax obligation schedules, are needed to notify HM Income; Customs regarding the earnings within 6 months of the end of the tax obligation year in which the earnings is received (that is by 5 October following the end of the tax obligation year). HMRC will then send you a notification to submit a tax return, either by article or online.
Such revenue would certainly consist of, as an example, rental earnings, self-employed earnings, savings income over the cost savings allowance, and also occasional untaxed earnings like ebay.com sales or laid-back freelance profits.
If you are unclear if your activity is taxed, see http://www.hmrc.gov.uk/guidance/selling/badges.htm.
You also need to inform HMRC regarding taxable chargeable gains– www.gov.uk/capital-gains-tax.
There is some details on self-assessment on the HMRC pages of the Gov.uk website.
If you are a worker or pensioner and also assume you may have paid too little tax under PAYE, you will generally be able to solve this without the demand for tax returns. You should get in touch with HMRC by phone on 0300 200 3300. It is best to resolve the matter without the concern of tax returns. This is since there are stringent entry target dates for income tax return and you could mistakenly wind up paying penalties as well as passion along with any kind of tax due.
I can’t do it myself?
Absolutely and many people do. However, it is important to note that tax laws change regularly as new governments come to power and new budgets are published each year. This can mean you need to start paying taxes on something you’ve never done before, or you need to stop paying taxes on something you were about to pay. The result is a quagmire of potential pitfalls where you could end up paying too much or too little tax.
Understanding changing tax laws is key to ensuring you pay the right amount at the right time in the most efficient way.
Why hire an accountant for my self-assessment?
Peace of mind
Avoid headaches and sleepless nights worrying if you completed your self-assessment correctly and on time.
Help manage your expenses with a predictable flat rate and avoid worrying about unexpected penalties
With a proven process for performing a self-assessment effectively, we know the laws, the questions to ask, and the documents we’ll need from you. The result is much less complicated for you
Only accountants come to work to do self-assessments. By hiring a specialist to do it for you, you’ll save time that you can reinvest in the things you love.
What are the key dates for the self-assessment?
For UK residents, the tax year begins on April 6 and ends on April 5 of the following year. You then have until January 31 to complete your tax return online for the previous tax year.
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VAT is one of the mosT complex areas with so many rules and exceptions. We can help you navigate the maze to ensure you don’t overpay or underpay.
As specialist accountants for small businesses, entrepreneurs and the self-employed, we can provide you with comprehensive VAT assistance to ensure you stay up to date with all ever-changing VAT laws and regulations. .
Our team will advise you on the best VAT regime for your business and will also carry out the registration process.