When running a sole proprietorship or partnership, you have to comply with HMRC requirements as you file your tax returns. For individuals who have various income sources, they must comply with the requirements of Self-Assessment Returns. We can facilitate the process by checking your form for any errors that need correction before you submit it. Further, we review your self-assessment tax return for any tax savings to reduce your liability.
Tax Returns Advice
If you have a problem with your cash flow, we can negotiate with HMRC on your behalf to agree upon a payment plan. Alternatively, we can assist you to come up with other ways of deferring your tax payments.
The most common reasons that a tax return may be required are as follows:
- You are self employed or a partner in a partnership
- You have untaxed savings or investment income
- You have sold or given an asset away (such as a holiday home or some shares)
- You have large amounts of savings or investment income
- You have income from overseas
- You own land or property that is being let
- Your household receives Child Benefit and you have income in excess of £50,000
- You’ve lived or worked abroad or aren’t domiciled in the UK
The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional. We enable you to concentrate on the core areas of your business by taking care of your self-assessment tax returns at a fixed and affordable price.
Do I need to do a Tax Return and what is the deadline?
It is difficult to know if you need to file a self-assessment tax return if you were or are self-employed. Another confusing part is figuring out the HMRC's tax deadlines. You can know your tax position by allowing our expert accountancy team to help:
1) Self-employment tax return
If you are self-employed and earned whatever amount of income during a tax year, you need to file a self-assessment tax return in April next year. It is irrelevant whether you ended your business; as long as you made some income during that relevant year from self-employment, HMRC requires you to pay your dues. If you still are confused about filing your tax return, the HMRC's online guide will help.
2) Remember, remember the 31st January
For the tax year which ended the previous year's April, the deadline for filing an online self-assessment falls on 31st January midnight. For instance, for the year running 6th April 2016 to 5th April 2017, your deadline for online self-assessment was on 31st January 2018.
3) It pays to be punctual
If you fail to file your returns on time and pay any tax you owe before the deadline, you will have to pay a £100 automatic fine. You should, therefore, observe the deadline for the sake of your finances.