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What Is a Self-Assessment Tax Return
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Self Assessment is not a tax – it is a way of paying tax
A self-assessment tax return is required by HMRC for individuals who do not have their taxes automatically deducted from their income. This applies to self-employed individuals, business owners, landlords, and even employees with additional sources of income. Failing to file on time or making errors can lead to fines and penalties
The idea of Self Assessment is that you are responsible for completing a tax return each year if you need to, and for paying any tax due for that tax year. It is your responsibility to tell HM Revenue & Customs (HMRC) if you think you need to complete a tax return
Filing your self-assessment tax return can be overwhelming, maybe this is the first time you've had to do a tax return, or maybe it's more complicated this year and time-consuming, especially with the complexities of tax regulations and the pressure of deadlines
Why Choose Us for Your Tax Return
Accuracy and Compliance:
We ensure your self-assessment is accurate, compliant with HMRC rules, and free from errors that could lead to penalties
Maximize Deductions:
Our team will review your records to ensure you're claiming all eligible expenses and deductions, helping you reduce your tax liability
Tax calculations: We calculate your tax liability, making sure you're not overpaying and that all eligible expenses and reliefs are claimed
Gathering and organizing financial records:
We'll help you gather all necessary documents, such as income records, expenses, and allowable deductions.
Submission to HMRC
We handle the entire submission process, ensuring compliance with all tax regulations
Get Peace of Mind Today
Don’t let tax season be a source of stress. Let us take the hassle out of self-assessment
Whether you need help for the first time or have been filing for years and want to avoid the stress, we’re here to help. Our affordable, tailored services ensure your tax return is completed quickly and accurately
Contact us today to schedule a free consultation and see how we can assist with your tax return needs
FAQ
When is the deadline for self-assessment tax returns?
The deadline for online submissions is 31st January each year, while paper returns must be filed by 31st October of the previous year
What expenses can I claim on my self-assessment tax return?
Common allowable expenses include office costs, travel, uniforms, and more, depending on your business. We’ll help you identify all eligible deductions
Can I file my tax return if I’m employed but have additional income?
Yes, if you receive income from other sources like property rental, freelancing, or investments, you need to declare it via a self-assessment tax return.
What happens if I miss the tax return deadline?
HMRC imposes penalties starting at £100 for late submissions, with additional fines if the delay extends beyond three months.