Self Assessment Tax Returns
Self Assessment is n HM Revenue (HMRC) system that is used to collect Income Tax from people in the UK. Tax is deducted from savings, pensions and wages and people or businesses with other sources of income must report it in a tax return. They need to be completed and sent on time before the end of the tax year. In order to send your tax return, you can do it online or in paper form, however you will need to allow time to register before filing your tax return.
Who Needs a Tax Return Self Assessment Service?
You need to send a tax return if, in the last tax year:
• you didn’t pay enough tax last year
• you were self-employed - you can deduct allowable expenses
• you were a company director
• you got £2,500 or more in untaxed income
• your savings or investment income was £10,000 or more before tax
• you made profits from selling assets and need to pay Capital Gains Tax
• you or your partner’s income was over £50,000 and one of you claimed Child Benefit
• you were a trustee of a trust or registered pension scheme
There are other reasons that you may need to send a tax return. To find out if you need to send a tax return, contact our self assessment accounting team. You usually won’t need to send a return if your only income is from your wages or pension.
Self Assessment Accountant
Self assessment is a requirement for self-employed people but can be a pain to file yourself if you don’t know what you are doing. If filing in your own self assessment tax return sounds like a hassle, our self assessment accountants can help you file your return.
A lot of people find it complex and lengthy to do, so it’s no wonder almost 1 million people a year in the UK are fined for failing to send their self assessment form to HM Revenue and Customs. As well as this, errors by HM Revenue are often reported saying that one in four tax returns are calculated inaccurately.
This is where our self assessment accountants come in. They can give you the support and make you feel secure in terms of your self assessment tax return needs. Our accountants have the training and skills to carry out tax returns for their clients who can’t do their own or would rather get a professional to do it.
When you choose our self assessment service, our accountants can:
• deal with all your tax affairs no matter how complicated (excluding self employment)
• include employment income, pensions, benefits and expenses
• plus capital gains, investments and 1 rental property
• complete your tax return and all necessary schedules
• calculate your tax position
• send you a full copy and explanatory notes
• file your return online to H M Revenue & Customs
• deal with the Revenue on your behalf
• be available for all your tax queries and questions
Self Assessment Penalties
Failing to file your tax return or pay your tax bill on time will result in penalties that can start from £100 if you are 3 months late. Any later, and you will have to pay a larger fine.
Contact us at Royds Accountancy to speak to one of our professionals about our self assessment tax return services.