Self Assessment Services in SheffieldLets talk about your personal tax return
The UK has one of the largest tax codes in the world, so preparing even the most straight forward self assessment tax return can be complicated. There are various deadlines and responsibilities for taxpayers to be aware of.
Why do I need complete a tax return?
The most common reasons that a tax return may be required are as follows:
- You’re self employed or a partner in a partnership
- You are a company director
- You have income from overseas
- Untaxed savings or investment income
- Owning land or property that is being let
- Your household receives Child Benefit and you have income more than £50,000
- Plus many more.
Speaking to a professional will help you understand your tax bill. Professionals can make sure you are paying the right amount of tax.
We use approved software
We use HM Revenue & Customs approved software to:
- Complete your tax return and calculate your tax liability.
- File the return online
- Liaise with you on the amounts owed and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any there are any tax savings available.
Even the most established businesses often forget that they need to file taxes, and this can lead to a nasty fine.
We can take the worry away when it comes to self assessment tax returns, allowing you to concentrate on growing your business. We run a fixed price service, agreed in advance, so you know exactly where you stand.
In April 2020, self assessment will also become a process that will need to be completed more than once a year. Under the new ‘making tax digital‘ guidelines set by the HMRC, you’ll need to keep your records up to date to comply with these changes. If you’d like to know more about bookkeeping and how to keep your records up to date, please click here.
Register for and file your Self Assessment tax return
You need to register for Self Assessment and Class 2 National Insurance if any of the following apply:
- you earned more than £1,000 from self-employment between 6 April 2017 and 5 April 2018
- you need to prove you’re self-employed, for example, to claim Tax-Free Childcare
- you want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
You still need to do this if you’ve sent a tax return before. Register here.
Read more about self-assessment and tax returns on our blog.