Self Assessment Tax Returns

Since the introduction of self assessment returns, the responsibility for calculating the correct amount of tax and National Insurance payable has moved from the Inland Revenue to the taxpayer. Unfortunately, although there is much debate about tax simplification, in reality the procedures only ever seem to become more time consuming.

There are many circumstances why you need to file a self assessment tax return. If you are self employed, a director of a company, a trustee or if you have foreign income or any other income which is not taxed. (more details)

You are legally obliged to declare your income and will be required to file an online self assessment tax return annually by the 31st of January, and make twice yearly payments towards your tax liability. File your return late and penalties are payable, get it wrong and further penalties are incurred and so it goes on, with the possibility of interest compounding on top of penalties.

We can assess and determine your tax position and save you a lot of time and stress by completing your self assessment tax return for you. We will prepare your returns for you to sign and submit or if possible file your self assessment tax return online. We can deal directly with HMRC on your behalf as a your agent.

Saving your money - Minimising your self assessment payments

More importantly, we can assist you to minimise your tax bill and keep more of the money that you have worked so hard to earn. we will ensure that all allowable expenditure is included in your tax computation. Individuals often end up over-paying tax due to confusion over the treatment of such costs as motoring expenses, use of home as office, capital allowance claims, payment of wages to a spouse.

We can act for clients who are part of HMRC’s Construction Industry Scheme (CIS). Most are registered as sub-contractors and some are also contractors. Many of the sub-contractors are due HMRC refunds and it makes sense to lodge claims for these as soon as possible after the end of the tax year. The contractors need to file monthly CIS returns online stating what deductions they have made and to whom. There are heavy penalties for failing to file the returns on time and I can help you to meet your obligations.

We are also happy to advise individuals on Capital Gains Tax (CGT) issues. This often arises on the sale of a property which has been let and so is not covered by the Principle Private Residence exemption.

 

---

 

---