Are you self employed and looking for support with your self assessment tax return? Or maybe you need help calculating your rental tax? No matter the reason, Taxaccolega Chartered Accountants are here for you!
We can provide you with a certified tax return accountant to ensure your tax returns are submitted in accordance with HMRC regulations so that you avoid potential penalties and receive all the tax breaks you are entitled to on non-taxable profits.
Self assessment returns are an essential part of working life, and while you have the choice to submit your self assessment return yourself - it can be easy to overlook or perform incorrectly. Don't take the risk, rely on Taxaccolega Chartered Accountants and our professional services instead! Contact us today to find out more!
The Importance of Your Self Assessment Return
If you are liable to pay taxes on profits received outside a Pay-as-you-Earn scheme you are required to submit a Self Assessment Tax Return form to HM Revenue & Customs (HMRC). Failure to do so correctly in the timescales provided will result in a fine of £100 or more.
The deadlines for submitting paper tax returns are 31st October whereby HMRC will calculate your taxes on your behalf. However, if you miss that deadline you still have the opportunity to file your tax returns using HMRC's online form. The problem is that the form is confusing and you need an access code before you can complete the form and submit it. Because it takes HMRC at least three days to send out an activation code by post, if you delay filing your return you could miss the deadline and incur a penalty.
Who Should Submit a Self Assessment Tax Return?
If you fall into any of the following categories, then you are responsible for submitting a Self Assessment Tax Return form to HMRC.
Taxable Income From Self-Employment
If you have income from self-employment, you are essentially running your own business. This means you will need to keep records of your income and expenses and fill out a Self Assessment Tax Return form to report your earnings to HMRC. As a self-employed individual, you may also be eligible for certain tax deductions and allowances that can help to reduce your tax bill.
Rental Income
If you receive rental income, it's important to note that you will need to report this income to HMRC and pay tax on it. You will also be able to deduct certain expenses associated with your rental property, such as maintenance and repair costs, from your rental income. Additionally, if you are renting out a property that you don't live in, you may need to pay Council Tax and other charges to the local council.
Foreign Income Earner
If you are earning income from overseas, you will need to report this income to HMRC as well. It's important to keep in mind that you may be subject to double taxation, which means you could be taxed twice on the same income. However, there are tax treaties in place between many countries that can help to avoid this.
Complex Tax Affairs
If you have complex tax affairs, it's important to seek professional advice to ensure that you are accurately reporting your income and paying the correct amount of tax. This may include consulting with a tax advisor or accountant. Additionally, you may be required to provide additional documentation and information when completing your Self Assessment Tax Return form.
Receive untaxed income
If you have received any other types of income where tax has not been deducted, such as tips or commission, it's important to declare this income on your Self Assessment Tax Return form. This will help to ensure that you are paying the correct amount of tax on all your earnings.
The Benefits of Choosing a Chartered Accountant
There are many ways our team of professional chartered accountants can benefit your self assessment tax return. Some of the ways our clients have been rewarded by our team includes:
Expertise: A chartered accountant is a qualified professional who has undergone rigorous training and passed professional exams. They have a deep understanding of tax laws and regulations and can provide expert advice to help you minimise your tax liability.
Time-saving: Preparing your own Self Assessment Tax Return form can be time-consuming and stressful. A chartered accountant can handle the entire process for you, saving you time and reducing your stress levels.
Accuracy: Filling out a Self Assessment Tax Return form can be complicated, especially if you have complex tax affairs. A chartered accountant can ensure that your tax return is accurate and complete, reducing the risk of errors or omissions.
Tax planning: A chartered accountant can help you plan your tax affairs in advance, so you can take advantage of tax-efficient strategies to minimise your tax bill. This may include structuring your business or investments in a tax-efficient way or taking advantage of available tax credits and deductions.
Peace of mind: Using a chartered accountant for your Self Assessment Tax Return form can give you peace of mind knowing that your tax affairs are in good hands. You can rest assured that your tax return is accurate, complete, and filed on time, reducing the risk of penalties or fines from HMRC.
Overall, using a chartered accountant can help ensure that your Self Assessment Tax Return form is prepared accurately and efficiently, allowing you to focus on running your business or other important aspects of your life.
Avoid Stress With Taxaccolega!
Filing tax returns can be stressful and confusing and if you are not sure how to complete the form correctly it is time consuming and frustrating – not to mention potentially costly.
Taxaccolega remove the burden from you by submitting tax returns on your behalf and promise to deliver the correctly completed forms to HMRC within 48-hours of receiving instructions from you. Our services include:
- Completion of your tax return
- Calculation of your tax liability
- Submission of the tax return online
Our self-assessment tax return services start from only £120.00 and includes:
- All aspects of taxation
- Handling all matters related to personal taxation (except complex matters)
- Timely filing of your tax returns to HMRC
- Handling queries that HMRC raise
- Forward a copy of the tax return form to you
Become Tax Efficient and Choose Taxaccolega Chartered Accountants!
Our experienced accountants can help with a variety of services, whether you're looking for help with your personal tax returns, income tax, or capital gains tax, we're only a phone call away! Don't get caught out this tax year, reach out to us today!
For more information about self assessment tax returns, general taxes, and who needs to do them, we have a helpful blog for sole traders looking for information on how taxes work in their first year of business. Check it out now!
For more advice about Self Assessment Tax Return forms and how Taxaccolega can help call us now 020 8127 0728 or email us on info@taxaccolega.co.uk.