Self Assessment Accountant

Self Assessment Accountant

What is Self Assessment

HM Revenue and Customs (HMRC) used a system to collect income tax, that system called Self Assessment. Tax is normally deducted consequently from wages, annuities and reserve funds. Individuals and organizations with other earnings must mention it in a tax return at the end of each financial year.

6 April to 5 April is the tax year for the following year.

You will need to file a tax return if, you in the last tax year,

  1. Self employed but allowable expenses can deduct.
  2. Made a untaxed income of £2,500 or more for example through tips or leasing a property.
  3. Got £10,000 or more through dividends from shares before tax as income.
  4. Got £10,000 or more through investments or savings before tax as income.
  5. Profits made against selling a used house, shares or other chargeable assets and need to pat Capital Gains tax.
  6. Your partner’s income or your own income was more than £50,000 and one of you claimed child benefit.
  7. You needed to pay tax on your income which you had from abroad.
  8. Had taxable income over £100,000.

If you received information through letter or email from HM Revenue and Customs (HMRC) and saying you to file a return, you must do so even if you don’t have to pay any tax.

Self assessment accountant will help you in all this matter and you just provide him all information whatever he require. They are expert and having full knowledge of every aspect of self assessment.

How do I submit a Self Assessment tax return?

If you are qualified for Self Assessment, your first step is to register yourself as self-employed or a sole trader, as ‘not self-employed’, or as a partnership. After being registered for self assessment, you can send your tax return for free using HMRC’s online Self Assessment service. If you want, you can send tax returns through a paper form. Paper tax returns should be submitted by midnight on October 31, whereas on 31st January, online tax returns can be submitted till midnight. You have to pay any taxes till January 31.

What information do I need to submit a Self Assessment tax return?

You will need to keep your financial record with you while file your tax return correctly. If your records are incorrect, inaccurate, incomplete or unreadable, HRMC can charge you penalties on this. Following things should include in your record:

  1. Documents about your pay and tax.
  2. Documents relating to benefits you may receive.
  3. Documents about savings, investments, pensions.
  4. Rental income details.
  5. Overseas income details.

You should keep these records at least for 22 months after the end of the tax year.

Self assessment tax advisor will help you in filling your tax return. They will do all the stuff and file your return without making problem for you. This is the actual work of tax advisor.

Self Assessment for Sole Traders and Partnerships

You will also need to keep financial records of your business with income and expenses either you are a self-employed sole trader or partnership. Following records you must keep:

  1. All documents related to income and sale.
  2. All documents of expenses.
  3. All personal income documents.
  4. If you are VAT registered then VAT records.
  5. If you employ other people then Paye records.

You make sure your all records are correct, detailed, proper, and readable and attached with all proofs like invoices, cash receipts, bank statements etc.

If you ever need any help or assistance our tax advisors and accountant will help you. You just request appointment with us.