Self-Assessment Tax Return Accountants
Our expert self-assessment tax return accountants will give you a clear idea about how much tax you need to pay on your income
Self-Assessment Tax Return Services
What is Self-assessment tax return?
Self-employed people usually have multiple sources of income as opposed to people who are employed or getting pensions. Employment income is automatically taxed by a system known as PAYE (Pay as you earn). But if you have more than one source of income, then you are liable to pay tax on all incomes subject to the taxes. Therefore, completion of a self-assessment tax return is required. This is a difficult and complicated process which requires the necessary skills and expertise. That is why, you should hire an expert self-assessment tax return accountant.
While preparing your self-assessment tax return it is important to account for all income and claims for any reliefs available. The return must be submitted at the end of the tax year which is 5th April. HMRC will determine what you need to pay once your self-assessment return has been submitted.
Self-assessment tax returns:
Other income that needs preparation of the tax return include Capital gains, foreign income, rental income, and savings income.
- Capital Gains: It is the increase in the value of capital assets. You must pay tax on the sale of any property within 30 days.
- Foreign income: Foreign income includes the income you receive for your services or goods in another country. Your foreign income and UK dividends are more than £2,000 then you are liable to pay tax.
- Rental Income: It is the payment that you are receiving for occupation or any use of the property. If your income is between £2,500 to £9,999 then you are liable to pay tax on the rental income.
- Savings Income: If your income is more than £5,000 then you are liable to pay tax on it.
Why self-assessment tax return is important?
Submitting self-assessment tax return is important because failure to submit will result in penalties of £1,800 by HMRC. There may be additional penalties you would have to bear if you do not make the returns on time. If you have received child benefit in the last two years, or if you or your partner’s income was over £50,000 then you must submit the tax return. The penalties by HMRC subject to delays are as follows:
- £100 daily penalty
- £300 increase in penalty after three months
- Adding 10% of the unpaid tax after six months
- Increase of another 10% of the unpaid tax after twelve months
What do you need to include in your tax return?
Before you decide to submit the tax return you should determine if you are required to do so by HMRC. You can determine your liability from the list given below:
- If you have earned £100,000 or more as wages or pension
- If you have earned £ 10,000 or more from savings or investment
- If you have earned £ 2,500 or more from commission or tips
- If you are a higher or additional rate taxpayer
- If you have sold assets at a profit
- If you are getting child benefits and having household income more than £ 50,000
- If you receive payment from the outside UK
- If you are a business partner or company director
- If you are a trustee of a pension scheme
- If you are a trustee of a deceased individual
- If you are an underwriter at Lloyd’s
- If you are a religious minister
- If you have received p800 from HMRC because you have not paid enough tax last year
SA100
It is a tax return, which you can use for the following:
- If you want to calculate your return on Capital Gains income
- If you want to repay student loans
- If you want to find out your return on pensions
- If you want to determine the interest
- If you want to find out the return on charitable giving
- If you are seeking tax reliefs and allowances
If you need professional and affordable self-assessment tax return services, contact us and receive quotation today!
How can we help you with our self-assessment tax return services?
In order to claim tax benefits as per section 80c, 80d, and other qualifying provisions, the preparation of the self-assessment tax return report is compulsory. However, several citizens, without knowing it, pay far too much tax. You will be taxable whether you were employed overseas, unfairly paid, or have not operated for the whole year, probably.
Naseems Accountants has over forty years’ worth of experience in helping its clients. We understand that you may have a busy schedule due to your business activities and it would be a tedious task as well as an added burden to figure out how much tax do you owe. We will come to your aide in mainstreaming your financial matters, relieving you from these hassles. The complicated process requires undivided attention dedication and expertise of accountancy. Our approach is to support and advise you in line with your business requirements. Our services are always timely and so we shall make sure that your deadlines are not missed. However, this process should not be rushed as it can create more problems for you, therefore we make sure to be cautious while handling such important issues.
Why choose us?
Over more than a decade, we’ve assisted people with taxation. We learn a lot of things, already. Our tax accountants know everything about taxation. Tax guides, important tax details, and extremely helpful information can be included here. When we serve you, we work as your partners. We care for you and never leave you amid troubles. Our expert self-assessment tax return accountants will make it as simple as possible for you to file your yearly tax return and ensure you receive any tax credit that can be paid with tax expenditures.
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