Self Assessment Accountant

Self Assessment Tax Return Advice Swindon

When your circumstances change, you may be uncertain as to whether HMRC will require you to prepare and submit annual tax returns. Helpfully, HMRC provide an online check that can assist, or you can give us a call and we will happily advise whether your circumstances mean that you need to prepare tax returns.

If you need to submit tax returns, you need to register with HMRC. They will then issue you with a unique taxpayer reference (UTR) which is a ten digit reference unique to you, under which you will submit your tax returns. Registering is easy and can be done online. Register here.

Once registered, you need to be aware of the various deadlines that apply to the filing of returns and payment of tax. There are exceptions but generally returns have to be filed by October each year if filing a paper return or 31 January if filing online. Online is HMRC’s preferred method. Penalties will be charged if you file your return late.

In addition to ensuring you meet the tax return filing deadlines, you need to ensure that you pay your tax on time, otherwise you will be subject to interest and possibly penalties.

For some people their tax liability is payable in one lump sum at the end of January each year, for others they are required to pay their tax in instalments, in January and July each year. For some, the tax may be collected via their tax code. We can help you to ensure that you pay your tax on time whichever method is required.

We know how tricky it can be keeping on top of things, so let us make the process as painless as possible. We will calculate and advise you of any tax payment due and the deadline for making the payment. We will prepare the return for your approval and submit this to HMRC on your behalf, again making sure that you aware of the filing deadlines.

If you need any assistance in completing your tax return or are unsure whether you need to file returns, please feel free to either call or email us.

What you need to know about Self Assessment Tax

Self Assessment is a system used by HMRC to collect income tax from individuals who have income that is not taxed through the Pay As You Earn (PAYE) system. This includes self-employed individuals, company directors, and those with income from property or investments. Self Assessment requires individuals to report their income and expenses to HMRC and pay any tax owed. The process involves completing a tax return, which can be done online or on paper, and submitting it to HMRC by a specific deadline.

Who Needs to File a Self Assessment Tax Return?

You need to file a Self Assessment tax return if you have income that is not taxed through PAYE, such as:

• Self-employment income
• Income from property or investments
• Capital Gains Tax
• Income from a business partnership
• Income from a limited company
• Child benefit if you or your partner have an income above £50,000
• Tax relief on pension contributions

You may also need to file a Self Assessment tax return if you have income from other sources, such as:

• Rent from a property
• Dividends from shares
• Interest from savings
• Income from a trust or estate

Benefits of Using a Self Assessment Accountant

Using a Self Assessment accountant can provide several benefits, including:

• Expert knowledge of tax laws and regulations
• Accurate and efficient completion of tax returns
• Maximisation of tax reliefs and allowances
• Minimisation of tax liabilities
• Peace of mind knowing that your tax affairs are in order
• Time-saving, as the accountant will handle the paperwork and communication with HMRC

A Self Assessment accountant can also provide guidance on tax-efficient strategies, such as:

• Claiming tax relief on pension contributions
• Claiming tax relief on charitable donations
• Minimising Capital Gains Tax
• Maximising income tax allowances

Self Assessment Tax Return Advice

When your circumstances change, you may be uncertain as to whether HMRC will require you to prepare and submit annual self assessment tax returns. Helpfully, HMRC provide an online check that can assist, or you can give us a call and we will happily advise whether your circumstances mean that you need to prepare tax returns.

If you need to submit tax returns, you need to register with HMRC. They will then issue you with a unique taxpayer reference (UTR) which is a ten digit reference unique to you, under which you will submit your tax returns. Registering is easy and can be done online. Register here.

Once registered, you need to be aware of the various deadlines that apply to the filing of returns and payment of tax. There are exceptions but generally returns have to be filed by October each year if filing a paper return or 31 January if filing online. Online is HMRC’s preferred method. Penalties will be charged if you file your return late. Accurate reporting of income is crucial to determine your total tax bill.

In addition to ensuring you meet the tax return filing deadlines, you need to ensure that you pay your tax on time, otherwise you will be subject to interest and possibly penalties.

For some people their tax liability is payable in one lump sum at the end of January each year, for others they are required to pay their tax in instalments, in January and July each year. For some, the tax may be collected via their tax code. We can help you to ensure that you pay your tax on time whichever method is required.

We know how tricky it can be keeping on top of things, so let us make the process as painless as possible. We will calculate and advise you of any tax payment due and the deadline for making the payment. We will prepare the return for your approval and submit this to HMRC on your behalf, again making sure that you aware of the filing deadlines.

If you need any assistance in completing your tax return or are unsure whether you need to file returns, please feel free to either call or email us.

Key Deadlines and Penalties

The deadline for submitting a Self Assessment tax return is:

• 31st October for paper returns
• 31st January for online returns

If you miss the deadline, you may face penalties, including:

• £100 fine for late submission
• Additional penalties for longer delays
• Interest on any tax owed

It’s essential to meet the deadline to avoid penalties and ensure that your tax affairs are up to date.