Self Assessments
Avoid being penalized by HMRC for not complying with ever-changing tax laws. We help you stay on top of the latest HRMC updates, while you focus on your core businesses. Best of all, we offer a free initial self-assessment to all of our loyal customers. Contact us to get yours!
FILE SELF-ASSESSMENT:
As your tax accountant, we file your return online with your unique tax reference on your behalf.
Once a self-assessment has been filed, HMRC will notify you of any taxes owed or refunds due.
HMRC can take up to 8-10 weeks to process refunds in simple cases. Complex cases will take longer. You can expect communications from HMRC to be consistent.
Usually, we complete a self-assessment within 5 days until unusual or complex circumstances arise. The sooner you book a self-assessment return service with us, the less you'll pay.
Benefits
Self-assessment is a process by which individuals report their income and pay the appropriate amount of tax to HM Revenue and Customs (HMRC). Some benefits of self-assessment include:
Flexibility: Self-assessment allows individuals to manage their own tax affairs and report their income on their own schedule, providing greater flexibility and control.
Transparency: Self-assessment provides greater transparency and clarity regarding an individual’s tax obligations, making it easier to understand and comply with tax laws.
Tax planning: Self-assessment can help individuals plan for their tax liabilities and make more informed decisions about their income and expenses.
Tax credits and deductions: Self-assessment provides individuals with the opportunity to claim tax credits and deductions they are entitled to, which can help to reduce their tax liability.
Reduced risk of penalties: Self-assessment can help to reduce the risk of penalties and fines from HMRC by ensuring that all income is properly reported and tax is paid on time.
HMRC uses your self-assessment tax return to calculate your tax liability each year. This includes any amount you overpaid, and therefore whether the discount is due, and any underpayments.
- They will calculate your gross income using the information below submitted on your self-assessment tax return: during or before you were self-employed (this will be detailed in P60 or P45. if any)
- Rental income from real estate you own plus other expenses related to this income.
- Taxes paid as a deduction from your income.
- Any qualifying expenses what event (as determined by HMRC) your business is subject to.
- Details of national insurance contributions paid as an individual entrepreneur.
Individuals who work for a business or organization are generally taxed at source through Pay As You Earn (PAYE). This means that the employer deducts tax from the employee's wages and automatically pays HMRC. As a result, employees are generally not required to complete a self-assessment tax return.
But for the majority of self-employed people whose taxes are not withheld at source, a self-assessment tax return must be completed so that HMRC can tax their income correctly.
You will need to file an HM Revenue & Customs tax return if you fall into one of the following categories:
- Director of a limited liability company and whose income is not taxed.
- Self-employed.
- Employed work and earn more than £100 receiving child support.
- Untaxed income support.
- Receiving property income.
GET IN TOUCH
We prepare taxes, plan for the future, and provide advice on all of your financial needs. We take a comprehensive approach to our clients. We don’t just apply a single solution.
Call or email us any time or, simply fill out the contact form below and a member of our team will be in touch.