QUICK GUIDE: Who needs to submit a self-assessment tax return?
Why choose an accountant to complete your self-assessment tax return?
While some do try to complete their self-assessment forms themselves there are some strong advantages in asking an accountant to assist with the process.
- Your accountant can analyse your self-assessment tax return to quickly be able to see if any tax savings can be made.
- Your accountant can review the form to see if there are any issues that may need addressing before the return is submitted.
- If you are experiencing any cashflow issues, your appointed accountant can discuss the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue & Customs on your behalf.
This process helps to minimise your risk of an enquiry by HM Revenue & Customs into your tax affairs.
Do you need help with your Self Assessment Tax Return? The team at Cottons can help you...
If you are earning money through any means other than PAYE then you must complete a self-assessment tax return each year to declare that income and calculate the amount of tax you owe. HM Revenue & Customs are not tasked to help you on how to organise your affairs and minimise your tax. By choosing Cottons as your accountant we can ensure that you are always paying the correct amount of tax saving you time, money and the fear of an enquiry by the HMRC.
Directors and shareholders extracting dividends, property and goods traders and the self-employed are all subject to self-assessment and must complete their annual personal tax return detailing income from all sources by 31st January the year following the end of the tax year.
Failure to comply with self-assessment regulations can result in stressful penalties.
As an individual, you need only complete one self-assessment tax return each year. This document will detail all of your income sources no matter how many or how complex your situation.
If you need help with self-assessment then talk to us. Our experienced accountants and tax advisors will ensure that your returns are filed on time and your tax liability is correct. We can even advise you on how best to keep your records to ensure your returns are at their most efficient each year.