Self Assessment
Self Assessment: Taming the Tax Beast!
Ah, self-assessment—the term that’s become a bit of a paradox. Many taxpayers find themselves tangled in the web of complex tax returns, struggling to get it right. With the constant flux of tax legislation, these returns are only getting trickier, and the risk of penalties for late or incorrect submissions is ever-present.
Who Needs to Submit a Self-Assessment Return?
If you fit into any of the following categories, it’s likely you’ll need to file a self-assessment return:
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Sole Traders
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Partners in a Partnership
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Directors of Limited Companies
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Individuals with income above a certain threshold from savings, investments, or property
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People aged 65 or older receiving the age-related allowance
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Individuals with overseas income
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Those earning £100,000 or more annually
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Anyone needing to claim specific expenses or reliefs
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Individuals who owe tax that can’t be collected through a tax code adjustment
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People with a Capital Gains Tax liability
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Those who have lived or worked abroad or are not domiciled in the UK
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Trustees
Don’t let the stress of self-assessment weigh you down—we can save you time, worry, and money by handling your return for you!
Getting Started: What You Need
Before we dive into your self-assessment, make sure you have the following information ready:
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Your National Insurance Number: Most of you will have this, but if you’re new to working in the UK, you’ll need to get one.
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Your Contact Details: Include your business contact info if you’re self-employed.
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Your Unique Taxpayer Reference (UTR) Number: This ten-digit number is essential if you’ve filed a self-assessment before. You can find it on letters or forms from HMRC. If you don’t have one, we can help you apply for it.
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The Date Your Circumstances Changed: This is crucial for accurate reporting.
Once we have your information, we’ll review it for completeness and reach out for any missing details.
Our Process: From Start to Finish
After gathering all necessary information, we’ll prepare and complete your tax return, ensuring compliance with the latest rules, regulations, allowances, and tax rates. We’ll meticulously check that all expenses and allowances are claimed and explore ways to minimize your tax liability. Our thorough checks will ensure accuracy, and we’ll reconcile your final tax position, explaining everything clearly to you.
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Tax Payments: If you owe tax, we’ll inform you of the amount and due date.
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Refunds: If you’re due a refund, we’ll expedite the process to get it to you as quickly as possible.
We’ll send you a complete copy of your tax return for your signature before submitting it electronically to HM Revenue and Customs.
Post-Submission Support
After your return is processed, we’ll double-check for any errors made by the Inland Revenue. We’re here to support you throughout this process and address any queries you may have.
If you’ve received a notice to complete a tax return and are seeking a quality, comprehensive, and affordable service, look no further. Contact us today to get started!