Self Assessment Tax Return
What is a Self Assessment Tax Return?
Completing a Self Assessment Tax Return, is a requirement of many individuals in the UK, be they employed, self-employed, a landlord, investor or a company directors.
The Self Assessment Tax Return was designed to report personal earnings for the each tax year. The UK Tax Year runs from 6 April to 5 April, every year and this is the reporting period.
The tax return must be filed to HMRC by the 31 January following the end of the tax year and missing the deadline will land you with an instant late filing penalty with further penalties and interest charge if left unfiled with HMRC for any longer.
Who needs to file a Self Assessment Tax Return ?
There are many reasons why you may be required to file a Self Assessment Tax Return with HMRC, here are some of the common reasons why you may need to file a Self Assessment Tax Return in the UK:
- You are a director of a company and are paid remunerations by the company, which are not taxed at source such as dividends;
- You are self-employed (Sole trader);
- You are a landlord and receive rental income;
- You are an employee and you have received some taxable benefits in kind such as private medical insurance, a company car or other benefits which are not taxed through payroll (PAYE);
- You are a partner in a business or a Limited Liability Partnership;
- You received untaxed income from any source either in the UK or overseas, for example royalty income, interest, dividends;
- You received interest or dividends above the personal saving allowance or dividends allowance;
- You received pension payments;
- You have made a Capital Gain which is exceeds than the annual exemption;
- Your income was more than £100,000 in the tax year.
Do you need to file a Self Assessment Tax Return ?
If you are someone who needs to file a tax return or even if you're unsure, you can always check with us. We will be able to assess your current circumstances and are happy to advise on your tax filing obligations with HMRC.
How can we help?
We understand that completing a Self Assessment Tax Return can be a time-consuming and stressful task, even more so with ever changing and complex UK tax rules. Not only this, for some, it only becomes more of a burden when their diary is already at maximum capacity.
So, whether you're new to the world of self assessment returns and need a helping hand filing a tax return for the first time or you've been filing a tax return for years and simply want to move to a new tax accountant, providing you with better value, we are more than happy to welcome you onboard!
We have years of experience in Personal Tax compliance and have prepared hundreds of Self Assessment Tax Returns for individuals, helping many to fulfil their filing obligations through our Self Assessment Tax service whilst they focus on their daily activities, not having to worry about falling behind on their tax compliance.
Our team has a vast range of experience, from preparing tax returns for company directors and local electricians, to non resident and non domicile individuals making use of the remittance basis. Even some more interesting cases, TV stars and public figures, heads of large well known listed companies and High Net Worth Individuals.
We specialise in preparing Self Assessment Tax Return for individuals and providing tax advice to help you remain compliant and make choice for best results.
Though an individual can file their own tax return using HMRC's online tax return software, which may be a tempting option to go for, as it's free.
However, over the years, we have seen numerous HMRC enquiries made into incorrect tax returns due to not reporting information correctly leading to costly interest and penalties for the individuals.
We have even seen cases where individuals have not claimed tax relief which due to them and as a result have ended up losing out on hundred's and in some cased thousands of pounds in tax relief due to not making the appropriate claim on their tax return. and by the time they approached us, the timeframe for making the claim had come to an end.
Over the years, we have accumulated a wealth of knowledge and experience and no what to look for, so we can avoid costly mistakes occurring on your Self Assessment Tax Return, make the appropriate claim so that you don't miss out on valuable tax relief and help to reduce the risk of a HMRC enquiry and where enquiries do arise, the know-how of how to deal with HMRC to obtain the best results for you.
All of our services are carried out 100% online via email, WhatsApp or by phone. This helps us to keep our costs down and in turn allows us to offer a valuable service at a fair fee.
What's next?
Once we have assessed your filing requirements and you are happy for us to carry out the work based on our agreed quote, we will then request the information that is required to complete your tax return.
We will complete your tax return and send this to you via our secure portal. This ensures your personal data is protected.
If you are satisfied with the completed return, you can approve your tax return in the portal and we will then file your Self Assessment Tax Return to HMRC online, confirming back to you once this has been done.
A straight forward tax return service for a fair fee!
We are based in Watford, however, do not let this deceive you. We have and continue to provide tax services to people all over the UK and even overseas!