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.
Other income that needs preparation of the tax return include Capital gains, foreign income, rental income, and savings income.
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:
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:
It is a tax return, which you can use for the following:
If you need professional and affordable self-assessment tax return services, contact us and receive quotation today!
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 with self assessment tax returns. 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 tax 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.
Over more than a decade, we’ve assisted people with taxation. We learn a lot of things, already. Our self-assessment tax return accountants know everything about taxation.
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.
Our process is fairly straightforward. We utilize approaches that are ideally tailored to your business sector’s performance requirements.
Do you have questions about your self-assessment tax returns? Are you looking for professional self-assessment tax return accountants? We are happy to assist you in any way that we can.
A self-assessment tax return expert will talk to you about your needs. We are happy to serve as your tax accountant.
Next, you need to say “YES.” We can provide a fixed quote for the services you necessitate.