Cost-effective Self-Assessment Tax Services
Are you tired of trying to figure out your tax return? Does the thought of doing your self-assessment tax return make you nervous? Capital Accounting Works is here to provide you with professional self-assessment tax services.
We offer unique and personalized tax advice based on your individual personal income tax situation, and we help you determine what incomes are to be taxed and what expenses are allowed to be deducted from taxable income. With our Self-Assessment tax return service, we help you prepare an optimized tax bill and file a diligently calculated Self-Assessment return for you. We believe in a customized approach for each client based on their unique tax profile.
Our accountants are always up to date with the latest tax laws, changes, and regulations. We work to ensure that you comply with all the rules and regulations while also minimizing your tax liability. Our team is experienced in working with different types of clients, including self-employed individuals, business owners, landlords, foreign workers, and individuals with multiple sources of income.
Our team of experts has decades of experience in the field and can take care of all your taxation needs. In this article, we will discuss in detail what a self-assessment tax return is, why it’s important, and how we can help you.
A self-assessment tax return is a process of calculating and reporting your income and paying the tax due to HM Revenue and Customs (HMRC). If you are self-employed, have rental income, or any other income, you are required to complete a self-assessment tax return. The process is complicated and requires expertise and skills, which is why it's recommended to hire a self-assessment tax accountant to help you.
Submitting your self-assessment tax return on time is important to avoid penalties. Failure to submit the tax return will result in a penalty of £1,800 by HMRC. There may be additional penalties you would have to bear if you do not make the returns on time. Additionally, if you have received child benefits in the last two years or if you or your partner’s income was over £50,000, then you must submit the tax return.
Before submitting your tax return, you should determine if you are required to do so by HMRC. The following are the situations in which you are required to complete a tax return:
- If you have earned £100,000 or more as wages or pension
- If you have earned £10,000 or more from savings or investment
- If you have earned £2,500 or more from commission or tips
- If you are a higher or additional rate taxpayer
- If you have sold assets at a profit
- If you are getting child benefits and have a household income of more than £50,000
- If you receive payment from outside the UK
- If you are a business partner or company director
- If you are a trustee of a pension scheme
- If you are a trustee of a deceased individual
- If you are an underwriter at Lloyd’s
- If you are a religious minister
- If you have received P800 from HMRC because you did not pay enough tax last year
Our self-assessment tax return accountants can help you in the following ways:
- Help you claim tax benefits as per sections 80c, 80d, and other qualifying provisions
- Assist you in calculating your tax return on Capital Gains income
- Help you repay student loans
- Determine your return on pensions
- Determine the interest
- Find out the return on charitable giving
- Seek tax relief and allowances
Negotiations with HMRC are generally straightforward, but sometimes there may be an inconsistency between your point of view and HMRC’s. We have years of experience handling complex issues with HMRC and finding satisfactory solutions for our clients. If you feel that HMRC is at fault, we can help you file a claim against them. We understand that investigations against you can cause financial burden and stress, and we will work to get you compensation for this.
HM Revenue & Customs (HMRC) suggests taxpayers notify the tax authority when they realize they did not disclose all the relevant information. Voluntary disclosure can help reduce the penalty, which could be severe if HMRC finds out by itself. Our team of experts can guide you through the voluntary disclosure process and ensure you comply with all HMRC regulations.
Why choose us?
At Capital Accounting Works, we have over a decade of experience in assisting people with taxation. Our self-assessment tax return accountants have extensive knowledge of taxation and can take care of all your taxation needs. We care for our clients and work as their partners to ensure that their deadlines are met and they receive timely services. We understand that taxation can be complicated and overwhelming, and that’s why we are here to make it easier for you.
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