Self Assessment & Personal Tax Returns
You are required to complete a self assessment if you have received any untaxed income; this will include income from self employment, partnership income, rental income and dividends.
Self assessment may also be required due to your other personal circumstances; for example if you are a director of the company or if you have earned over £100k in salary etc. You can always contact us to find out whether you are required to complete tax return in any specific year.
Self-assessment is the way that you notify HMRC of any income you receive that is not covered by PAYE. There are strict deadlines for submitting this information, with automatic fines and interest payable if you miss them. HMRC have a wide range of powers with regards to opening enquires, discovery assessments, raising determinations of tax and requesting records and information.
Due to the current economic climate, HMRC are vigorously attacking the affairs of tax payers and using all available sources of information (including information from offshore banks) in order to generate further income for the treasury. As it is the taxpayer’s responsibility to notify them of any untaxed income or circumstances which would give rise to a tax liability, it pays to employ a specialist to undertake the completion of your self-assessment return on your behalf.
What we can do for you
Our dynamic and professional service for self-assessment includes:
- Reviewing all financial information provided by you and apply where relevant
- Preparing the tax calculation and supporting schedules of data
- Preparing your SA100 tax returns identifying and making all beneficial claims and elections to minimise any tax liabilities
- Advising you of the tax due dates and payment methods as well as reminding you of upcoming deadlines
- Filing your SA100 tax return to HMRC
- Communicating with HMRC regarding any tax matters and keep all correspondence records on file
- Checking statements of account issued by HMRC to make sure they are in line with the filed SA100 tax return
- Identifying tax planning opportunities and bring these to your attention enabling you to have efficient tax affairs
- Whether your financial affairs are straightforward or highly complex you will have a dedicated specialist allocated to you.