Self assessment

Giving you back the time

We know that filing a self-assessment tax return each year isn’t a highlight for most professionals. That’s why our self-assessment services are so popular amongst our clients.

Taking time out of your busy schedule to gather all the right documentation and painstakingly calculate your tax liabilities can distract you from important aspects of your job and personal life.

We’re here to tell you, you don’t need to take the brunt of it on your own. We have strong shoulders, so shift the weight to us.

What is Self Assessment?

Self Assessment is a HMRC system to collect income tax from individuals whose income isn’t taxed through the Pay As You Earn (PAYE) system. So if you’re self employed, have rental income or earn from other sources outside of PAYE you need to report your income and expenses to calculate your tax liability. Self Assessment makes sure all your income, whether from self employment, rental properties or other investments is reported and taxed correctly.

Who Needs to File a Self Assessment Tax Return?

You need to file a Self Assessment tax return if you have income that isn’t taxed through PAYE. This includes self employed income, rental income, capital gains, dividends, interest on savings, foreign income and income from trusts or settlements. If your tax affairs are complex such as having multiple income sources, claiming expenses against income or needing to claim tax relief you will also need to file a Self Assessment tax return. By reporting all these aspects correctly you can manage your tax liability.

Getting your self assessment tax return right

Your self-assessment tax returns aren’t something to ignore. In fact, it’s essential if you want to keep a clean tax record. Leaving your return until the last minute could increase your chances of making mistakes or missing the filing deadline, which could result in a non-compliance penalty.

Accessing our self-assessment services means you’ll never need to worry about these fines again. We like to strike while the iron’s hot, so we’ll complete your accurate tax returns well ahead of any deadlines.

What we’ll do for you: Our tax return service

Rather than collecting every receipt, filing every invoice and spending hours organising your records by yourself, our tax return service can take the reins.

We’ll calculate your tax liability while advising you on which important documents you will need to gather and how to maintain good bookkeeping practices. From there, we’ll claim any tax reliefs you qualify for to potentially lower your final bill.

The same applies to any business costs you accrue over the year. If they fall under HMRC’s eligibility guidelines, we’ll claim all your allowable expenses on your tax return.

We’ll also get an early start on your self-assessment, which means we can advise you on how to budget to pay your bill on time. Knowing how much money you need to put aside can ensure that you’ll have enough to cover your liabilities when the payment deadline looms.

Once we have all the documents and information we need, we’ll then organise and file your self-assessment tax return on your behalf, as well as answer any enquiries from HMRC. The sooner we submit your tax return, the sooner you’ll know whether you’re owed a refund, rather than waiting for HMRC’s busy period which could delay any payout.

Our team is here to take the stress out of your taxes, so don’t delay. Get in touch to discuss our self-assessment services today.

What we’ll do for you: Our tax return service

The Self Assessment process involves several key steps:

• Registering with HMRC: If you haven’t already, you need to register with HMRC to get started.
• Gathering Information: Collect all necessary information about your income and expenses, including receipts, invoices, and bank statements.
• Completing the Tax Return: Fill out the tax return form, which can be done online or on paper.
• Calculating Tax Liability: Calculate your tax liability based on your reported income and expenses.
• Paying Tax Owed: Ensure you pay any tax owed by the deadline to avoid penalties.

By following these steps, you can ensure your tax return is accurate and submitted on time, reducing the risk of penalties and ensuring you meet your tax obligations.

Deadlines and Penalties

The deadline for a Self Assessment tax return is usually 31st January after the end of the tax year. Missing this deadline will result in penalties including a £100 fine for late filing, additional fines for not paying on time and further penalties for errors or inaccuracies on the tax return.

To avoid these penalties make sure you file your Self Assessment tax return correctly and on time. Our self assessment accountants can help you meet those deadlines and get your tax affairs in order.

Claiming Expenses and Reliefs

You can claim various expenses and reliefs on your Self Assessment tax return to reduce your tax liability. These can include business expenses like office rent and travel costs, charitable donations, pension contributions, and child benefit. Additionally, you can claim tax relief on mortgage interest, charitable donations, and pension contributions. By claiming these expenses and reliefs, you can potentially lower your final tax bill, making your tax affairs more tax efficient.

Keeping Accurate Records

Keeping accurate records of your income and expenses is essential for a smooth Self Assessment process. This includes maintaining receipts and invoices, bank statements, records of business expenses, charitable donations, and pension contributions. You need to keep these records for at least five years after the Self Assessment deadline. Accurate record-keeping ensures that you can substantiate your claims and deductions, making your tax return process more straightforward and reducing the risk of errors or penalties.