What is a Self Assessment tax return?
A Self Assessment tax return is the way that you inform Her Majesty’s Revenue & Customs (HMRC) how much income you have received over the course of the year, as well as any gains you have made on capital assets you have disposed of (eg if you have sold a house or a business). It is also the way that you notify HMRC of any deductions you need to make, and any tax relief or tax allowance to which you are entitled.
Most people who are directly employed by a company that is not owned by them pay their tax through Pay As You Earn (or PAYE), and do not need to complete a Self Assessment tax return. However, if you run a Limited Company, receive income from multiple sources, or your financial affairs are more complicated, you may need to submit a Self Assessment tax return. A Self Assessment tax return can be filled out in paper on online.
Who needs to submit a Self Assessment tax return?
People who run a Limited Company, are automatically required to fill out a Self Assessment tax return, and these are listed below. In addition, you must fill out a Self Assessment tax return if you are asked by the HMRC to do so because they want to check that you are paying the right amount of tax, or getting the benefit of any allowances you are entitled to.
People who are automatically required to fill out a Self Assessment tax return:
- Company directors (including Limited Company directors)
- A worker in the Construction Industry Scheme
- Lloyd’s names or members
- Anyone receiving income from land or property in the UK
- Higher income earners
Let RR Accountancy take the headache out of your tax return from just £89
Many people find completing their Self Assessment tax return a daunting prospect. It can be a time-consuming headache, and as well as costing you time it could even cost you money – because not only do you risk paying too much because you haven’t used all your allowances and reliefs, you could face a fine if you submit your tax return late.
That’s where we can help. For just £80, we will complete your tax return on your behalf.
The services we will provide include:
- Dealing with all aspects of your personal taxation
- Accurately calculating your tax responsibility
- Submitting your tax return to HMRC online within the timeframe allowed
- Handling Income Tax, Pensions, Benefits and Expenses
- Provide you with a full explanation of the assessment we’ve undertaken
- Liaise with HMRC if they raise any questions or queries about your assessment
- Keep you fully informed about the progress of your assessment, and answer any questions you have