Self-assessment Tax

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.