Self-Assessment Tax: Things you need to Know
More significantly, it is time taken for most people who need to prepare their paperwork, accounts and sustain the records they need to fulfill the requirements of HMRC.
Every year, many people miss out their deadline to file their self-assessment tax return and as a consequence have to pay fines. Additionally, there are many people picked up for committing mistakes on their tax return or not providing authentic or complete records.
This all constitute headache for you on a yearly basis. However, if you contact a tax accountant, then they can assist you in avoiding this round the year torture by offering you with an all-inclusive self-assessment service. This could involve:
- Interacting with your bank or any other significant financial institution to obtain the information needed for your annual return
- Calculating the tax amount owed
- Filing and completing your tax return for you
- Providing you advice on when your payments are due and how much you need to pay
- Offering you with advice on the types of records and information you are required to keep
- Discussing any tax saving alternatives with you
- Entitling you if HMRC decide to scrutinize your accounts
You can select the input level you want from your tax accountant and this may change as time moves forward if your accounts become more difficult.
Additionally, if you are commencing your business for the first time and you have never completed a self-assessment tax return, you will require to register for self-assessment with HMRC. There are time periods within which this requires to be completed, normally by 5th October after the end of the tax year if you have not completed already. If you do registration late, you may have to bear the penalty charges.
If you require help for registering for self-assessment, you can contact your Tax Accountants and assure that it will be completed accurately and on time so you do not worry about committing mistakes.
Who needs to submit a Self-Assessment Tax Return?
You are responsible for submitting a Self-Assessment Tax Return form to HMRC, if you come under the following categories:
- Rental Income
- Income from self-employment
- Foreign Income earner
- Complex tax affairs, e.g. company directors or higher tax payers
- Other income obtained where no tax has been deducted
Filing tax returns can be taxing and confusing and if you are not confirm about how to complete the form accurately it is time taken and infuriating –not to disclose potentially expensive. The tax accountants you may choose pull off the burden from you by submitting your tax returns on your behalf and promise to deliver the completely accurate forms to HMRC within 48 hours of getting instructions from you. The services of tax accountants will include:
- Completion of your tax return
- Calculation of your tax liability
- Submission of the tax return online
- The self-assessment tax returns will include:
- All forms of taxation
- Taking care of all matters relating to personal taxation (except complex matters)
- Timely completion of your tax returns to HMRC
- Managing queries that HMRC raise
- Forwarding a copy of the tax return form to you