Question 1

What is Self-assessment tax return?

Accepted Answer

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.

Question 2

Why self-assessment tax return is important?

Accepted Answer

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

£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

Question 3

What do you need to include in your tax return?

Accepted Answer

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!

Question 4

How can Naseems Accountants help you with our self-assessment tax return services?

Accepted Answer

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.

Question 5

Why choose Naseems Accountants?

Accepted Answer

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.