Self assessment involves completing an online or paper tax return in order to tell HMRC about your income and capital gains (profits on the sale of certain assets), or to claim tax allowances or reliefs against your tax bill. HMRC use the figures on the tax return to work out your tax bill, or we can work it out for you.
Here's some more information on tax returns:
Tax returns are forms that individuals and businesses use to report their income, expenses, and other relevant financial information to the government. In many countries, including the United Kingdom, tax returns are typically filed annually.
There are different types of tax returns depending on the taxpayer's circumstances, depending on their income, deductions, and other factors.
In addition to the main tax return form, taxpayers may need to complete supplementary pages, schedules, or worksheets depending on their particular situation.
It's important to be aware of the deadlines for submitting tax returns. In the United Kingdom, for example, the deadline for most individuals to file their tax return is January 31st of each year. Failing to file your tax return on time can result in penalties and interest charges.
Overall, tax returns can be complex and time-consuming, but it's important to take them seriously and make sure you comply with all the relevant rules and regulations.
Who needs to complete a Self Assessment tax return
If you pay tax on your earnings or pensions through PAYE (Pay as You Earn) your employer or pension provider deducts tax on our behalf and you won't usually need to complete a tax return. In these cases we'll normally also ask them to use the PAYE system to deduct any tax you may owe on a State Pension or other taxable income (e.g. investment or rental income) up to a certain level.
But if you have more complicated tax affairs you may need to complete a tax return. There are also certain circumstances in which you will always need to complete a tax return, for example if you're self-employed, a company director or a trustee or if you have foreign income.
Preparation and filing a tax return can be a painful exercise even if there are few transaction and entries to make. When the January self assessment filing deadline approaches the stress levels will rise even further!
At Amin & Co Accountants we use latest HM Revenue & Customs approved method & software to, complete your tax return, calculate your final tax bill, file the return on line and look after any other matter with HMRC on your behalf.
We can analyse your self assessment tax return to see if any tax savings can be made keeping in view of your tax & accounting data available on record.
If you feel that your tax return in due now and you want to plan ahead please feel free to contact us on 0161 224 3510.