Personal Tax Accountant - Self Assessment Tax Return

There are many different reasons why you may need to submit an annual self assessment tax return to HMRC. From business owners and directors, to private landlords, if you earn income which is not being taxed at source – then chances are you’ll be needing to disclose this and pay any outstanding tax.

Self-assessment tax returns must be filed by individuals who are self-employed or have multiple sources of income in order to pay income tax.

Tax is automatically deducted from your salary if you work for a company, but if you work for yourself or make money in another manner, such as by renting out a home, you must use the self-assessment system to pay your taxes.

When you finish filing your self-assessment tax return, you must pay HMRC the tax you owe. Unlike the Pay As You Earn (PAYE) system, where taxes are automatically withheld by an employer prior to receiving your income, this method does not do so.

There are a whole range of professions and people who will need to submit a personal self assessment tax return. Thankfully, we’ve listed some of the most common ones below:

• Directors of Limited Companies
• Self-Employed Sole Traders
• People Who Earn More Than £100,000 Per Year Through Employment
• Landlords Receiving Income From Properties
• People With Investment Portfolios
• People Earning More Than £50,000 Per Year & Claiming Child Benefits
• People Receiving Income From Overseas
• People Who Have Large Amounts Of Savings

A self assessment tax return is essentially a detailed accounting of your earnings and allowances. This is then annually submitted to HMRC. These may be incredibly time-consuming and immensely complex. Your self-assessment tax return is used by HMRC to determine your annual tax obligations. This covers any sums you have underpaid as well as any amounts you have overpaid, determining if a refund is necessary.

HMRC will use factors like your businesses annual turnover, income from property sales and rentals, along with a range of other factors to calculate your tax commitments for the year. You will then have to either claim a tax rebate in the event that you have paid too much, or you will have to make a payment to HMRC for any outstanding taxes that you are yet to pay.

As you do your best to ensure all your legal responsibilities and obligations have been fulfilled. The system is so complex you could even be missing out on discounts. Also loopholes that allow you to pay less tax! Working with a self assessment accountant will allow you to relax, safe in the knowledge that your self assessment is being taken care of and that HMRC are going to receive an accurate detailing of what your tax contributions are.

This has two main benefits. The first of which is that having a professional self assessment accountant like ourselves handle your tax returns means that you don’t have to worry about whether or not it has been completed 100% correctly. One of the most common reasons for people to be investigated by HMRC is that they have made errors on their self-assessment tax returns which has prompted closer examination from the tax regulator.

The second benefit of using a professional self assessment accountants is that we will almost certainly be able to find ways that you can pay less tax. Because we’re experts on everything tax and finance, we know which allowances and expenses you are entitled to, as well as spotting whether or not you’re eligible for certain tax breaks.

These are the main reasons why so many people choose us as their self assessment accountants, because we have saved them time, stress and money when it comes to their declarations to HMRC. But what else makes the people of the UK want to work with us when it comes to self-assessments? Well, take a look below to find out!

We pride ourselves on being a friendly team of professionals who, whilst being experts, always make sure to be straightforward and honest with our clients.

We don’t drown our clients in meaningless jargon in an attempt to make their accounting seem like a dark art. We talk them through every step and help them to understand just what the benefits are of doing things in a certain way.

We’re friendly experts. We want to be seen as equals to our clients, not try and belittle their knowledge. Every member of our team works to not only help save you money on your taxes but also to make sure you feel relaxed and comfortable talking about your personal finances – rather than belittled or concerned, as is the case with some of the more corporate accountancy firms.

We pride ourselves on being a friendly team of professionals who, whilst being experts, always make sure to be straightforward and honest with our clients.

We don’t drown our clients in meaningless jargon in an attempt to make their accounting seem like a dark art. We talk them through every step and help them to understand just what the benefits are of doing things in a certain way.

We’re friendly experts. We want to be seen as equals to our clients, not try and belittle their knowledge. Every member of our team works to not only help save you money on your taxes but also to make sure you feel relaxed and comfortable talking about your personal finances – rather than belittled or concerned, as is the case with some of the more corporate accountancy firms.

• Your national insurance (NI) number.
• Information of your untaxed income from the tax year, including self-employment income, dividends, and interest on shares.
• Records of any self-employment-related costs, charitable contributions, or pensions that may qualify for tax relief, as well as P60s or other documents that detail the amount of income you earned that has already been taxed.

If you’re only having to file a self assessment for the first time this tax year, then there are a few things you’ll need before we can start helping you on the journey to lower personal taxes.

Firstly, if you haven’t already, you’ll need to inform HMRC that you are registering for self assessment. You can do this by following this link to the Gov website. You’ll also need to contact HMRC to get your ten-digit unique taxpayer reference number (UTR).

Then, before we can prepare your self assessment we will need all of the following to help us calculate what contributions you owe or are owed.

We’ve done our best to try and answer some of the most frequently asked questions about Personal Tax Accountant and Self Assessment Tax Returns below: