A boat will sail through storms and thunder only when the captain is capable and ready to beat the storm. Similarly, a company will flourish only when its members are capable of managing their own self along with the company. We can help you manage both, for more information regarding self assessment services connect with us now.
One of the largest and most complicated tax return code in the World is of UK. So, filing a simple and straight forward tax return can also prove to be challenging and complicated for many. There are lots of deadlines and rules that a taxpayer must comply with while filing a tax return. Our experienced, proficient and friendly accountant can help you in filing your Self Assessment Tax return and structuring your business in compliance with all the latest legislative norms.
Call our executive and ask all the queries that bothers you. Avail our HMRC self assessment return service and be a part of our caring and prospering family
No matter what your profession is, for leading a stress free, productive and an adventurous life exempt yourself from this tiresome work of accounting.
As the tax code in UK are lengthy and complicated, it becomes imperative for you to understand whether or not you are required to file a self assessment tax return. If you are somehow not aware of your financial position and remain in denial that a tax return is to be filed by you. It can attract serious penalties to you from the HMRC. By Self-Assessment you basically let the HMRC know about the status of your income and is there a requirement for you to file a tax return. If yes you are officially required to calculate the taxes and file a return within the timeline. Failing to do so may attract steep penalties on you.
Calculating a tax return is complicated and generally consumes a lot of time which can be easily utilised by you to do work related task and activities. Even if you decide to file your tax return on your own without taking any professional help, chances are that you might unknowingly slips through few rules and deadlines and make a mistake, this will result in a serious damage consuming both your time and money and causing you to pay a hefty amount in the form of penalty that will be imposed upon you by the HMRC.
Better is to hire a professional self assessment accountant like us and lead a hassle-free life. You are required to file a self assessment tax return, if you are any one of these.
Simply put a Self Assessment is used as a system by HMRC to collect income tax from earning individuals. It is usually deducted automatically from savings, salaries and pensions, but for People and businesses having other source of income must report it in a tax return. It is a way of letting the HMRC know that you’re either self-employed or a sole trader, and that you need to file a tax return.
The deadline for paying your self assessment bill is defined by the government and generally is 31st January (You can also check on the UK government website). There are steep penalties if you fail to file a return or you have filed a wrong or manipulated return. The HMRC on the basis of the return you have filed, calculates the tax that you owe. So accurate calculation and filing of self assessment becomes very important. This can be done with the help of self assessment accountant such as us in UK.
Steps for filing HMRC self assessment returns are
Though filing a self assessment is not that difficult a task but it consumes lots of energy and time of the individual. It becomes repetitive and hence tiresome. Although it is simple but a slightest of error can result in steep penalties which will be greater than the fees charged by an accountant.
So let us worry about the nitty gritty of this tiresome and time consuming work and free yourself from this burden and focus calmly and coolly on the work you are destined to do. We provide the following services.
Self-assessment tax return is to be submitted if you are a sole trader, self-employed or if you are a partner in some business firm and your income crosses the threshold as specified by the government. There are two modes using which you can submit self-assessment tax return. Online and offline mode.
If you are filing the tax return for the very first time, you need to register with GOV.UK first. This requires some time so keep at least 20 days in hand before the deadline. You can register online if you are one of the following:
On registration, you can use the free HMRC Self-Assessment online service
For submitting your tax return through post you will need to download form SA100 from GOV.UK website. You can also download a help form that gives you insight on how to complete your paper tax return. Once the from is filled you are required to send it to HMRC on or before 31 October of every year.
The deadline for filing a tax return for fiscal year 2019/2020 was 31 January 2021 and changes every year as per government norms.
Whenever you will miss a deadline you will have to file a return by bearing additional penalty of 100 bucks. Only in certain circumstances HMRC allows you to submit post the deadline.
No, that is yours to keep. You are not required to declare the interest you have received on your ISA.
Redundancy pay is not taxable up to £30k. But it has to be declared under lump sums employment in your tax return.