Self Assessment Tax Return
Self Assessments Completed
Get help with your self assessment tax return. We make sure you pay as little tax as possible by claiming all your allowances and ensure the tax you do pay is correct.
Help completing your self assessment
Relax, we have it in hand
Tax returns can be complex and no two tax returns are the same and there are no manuals that walk you through completing a tax return. Therefore trying to complete your self assessment tax return can be difficult and mistakes can be very costly. We are qualified to complete and submit your yearly tax returns on your behalf so you can relax knowing it has been completed correctly.
Your Tax Return In 3 Easy Steps
We try to make the complex tax system as easy for our clients as possible. We start by agreeing a fixed price regardless of how complex your tax affairs may be. By simply answering a few questions we can provide you with a tailored quote.
Common Self Assessment questions
When you consider that the UK has one of the largest tax codes in the world it’s not surprising that trying to prepare even the simplest of self assessment tax returns can be extremely complicated.
You can only claim expenses which are wholly and exclusively for business use. This mean that you can claim for things that you need in order for your business to trade.
Business Use Of Personal Items
It is possible, where you have used a personal item, to claim for the proportion of business use. This includes items such as business calls made using a telephone which you pay for personally, or perhaps a portion of your home is used for conducting business activities. Where this is the case, you can either claim a flat rate expense as detailed on the HMRC website or you can work out the exact costs of the space you use within your home and how much that space costs you to run. This can be time consuming and difficult but it can work out more tax efficient than using the simplified expenses.
This is something we are asked quite a lot and the simple answer is, it depends if you have already claimed for your allowable expenses and reliefs.
Of course, it also depends on your tax return being completed correctly too.
Getting Help With Your Tax Return
By asking us to complete your self assessment tax return we will work with you to ensure your return is completed accurately with all your expenses included, any reliefs you are entitled too applied, and where possible we can work with HMRC on your behalf to appeal any fines or penalties you may already have.
Online filing of your self assessment tax return must be submitted to HMRC by 31st January each year. This means that this years accounting period for 6th April 2019 to 5th April 2020 will need to be submitted to HMRC by midnight of 31st January 2021.
Payment Of Tax
As with the filing deadline any tax and national insurance due from the same period must also be paid by midnight on 31st January
HMRC has introduced a new way for self employed people to pay their taxes. This was to try and make it fairer for those who are employed and pay tax at source.
There are three payments needed for someone who is on payment on account.
The First Payment
The first, is due in January during the tax year. This payment is 50% of the previous years tax liability. (I know what you are going to say you have already paid last years tax bill but bear with me.)
The Second Payment On Account
The second is due in July which again is another 50% of the previous years tax bill.
The Balancing Payment On Account
The third payment is a balancing payment which is due on 31st January following the end of the financial year. This payment is the difference between the two amounts you have already paid minus your tax liability for this year.
Unfortunately, as its January again, you also have to pay 50% of last years tax liability (which you have only just made a balancing payment on) and so the process continues.
You would need to register for self assessment if any of the following apply;
- Your self-employment income was more than £1,000
- Your income from renting out property was more than £2,500 (you will need to contact HMRC if it was between £1,000 and £2,500)
- You earned more than £2,500 in untaxed income, for example from tips or commission.
- Your income from savings or investments was £10,000 or more before tax.
- If you need to pay Capital Gains Tax on profits from selling things like shares or a second home.
- If you, or your partner’s, income was over £50,000 and you’re claiming Child Benefit
- You have income from abroad you need to pay tax on, or you live abroad but have an income in the UK.
- Your taxable income was over £100,000
- Your State Pension was more than your personal allowance and was your only source of income
- You received a P800 from HMRC saying you did not pay enough tax last year.
Help Completing Your Self Assessment
Whatever your circumstances we can help. We will take the stress of completing your self assessment away and make sure you pay as little tax as possible while ensuring you pay the correct amount of tax. Contact Us today to discuss your options.