Self Assessment tax returns are a mechanism for people to disclose their income and determine how much tax they owe to HM Revenue and Customs (HMRC) in the UK. Self-employed people, board members of corporations, and anyone who earns income that is not taxed at source, such as rental income, interest income, or capital gains, use it.
An individual discloses their income and requests any tax exemptions and reliefs they are qualified for in a self-assessment tax return. Using their income and the applicable tax rates, they then determine how much tax they owe. The tax return must be delivered to HMRC by the due date, which is ordinarily January 31st after the end of the tax year.
WHY TAX RETURN MAY BE REQUIRED:
- To claim tax deductions and credits
- To receive tax refunds
- You either work for yourself or as a partner in a partnership
- You are a director of a company
- You earn a lot of money from investments or huge sums of savings
- To determine tax liability
- You receive untaxed income from investments or savings.
- You are the owner of land or rental property
- To comply with tax laws
- Your household receives child benefits, and you earn more than £50,000 per year
- You receive revenue from abroad
- To provide proof of income
- You’ve either sold or donated an asset (such as a holiday home or some shares)
- You are not a UK resident because you have lived or worked overseas.
How do we plan to handle your tax return?
Examination of financial records:
The accountant will examine all pertinent financial records for the customer, such as bank statements, invoices, and receipts.
Prepare the Tax Return:
Making sure that all income and expenses are appropriately reported and that all tax exemptions and reliefs are claimed while preparing the tax return is the accountant’s responsibility.
Calculate the Tax Due:
Based on the information given, the accountant will determine the tax liability and make sure the customer is claiming all permitted tax deductions and credits.
The accountant will submit the tax return to HM Revenue and Customs (HMRC) on the client’s behalf once it is finished.
Advice on Tax Planning:
The accountant can give you advice on tax planning, such as methods for lowering your tax obligations, maximising your tax deductions and credits, and structuring your finances in a tax-efficient manner.
Reply to HMRC Inquiries:
In the event that the client is subjected to an audit or receives questions from HMRC, the accountant can help by composing a response and supplying any supporting information that may be required.
Continuous Tax Advice:
During the year, the accountant can offer continuous tax advice, including guidance on the tax ramifications of financial actions and modifications to tax laws or regulations.
As part of the above mentioned service, we can analyse your self-assessment tax return to check for potential tax savings and to identify any irregularities that need to be fixed before the return is submitted.
We can reduce your concern about self-assessment tax returns by providing you with a fixed, competitive pricing, freeing you up to focus on managing your business.
Relevant Service:
