Whether you are a sole trader, a partner or director in a business, or a self employed sub-contractor, you are required to submit a Self Assessment return each year.
\nFor many people it can seem daunting, and the \u2018brown envelope syndrome\u2019 kicks in. \u201cIt\u2019s a brown envelope\u2026\u2026so\u2026\u2026.maybe I\u2019ll deal with it later\u2026\u2026 when I\u2019m not too busy\u201d<\/p>\n
For many, the inevitable happens. The deadline is overlooked, and HMRC\u2019s savage penalties automatically arise. Before long the amount owed is far greater than the original tax.<\/p>\n
We\u2019ll give you total peace of mind and take the pressure from you by dealing with your Self Assessment Tax Return for you each year.<\/p>\n
We\u2019ll simply ask you for all your receipts and invoices for your expenses and income (clients often bring them in a carrier bag or shoe box). We\u2019ll then quickly work out your profit (or loss) and your tax liability and make sure your Self Assessment is submitted on time.<\/p>\n
Quite often we are asked to deal with previous years that have been overlooked and where penalties have arisen. We are usually able to negotiate with HMRC to agree a payment plan.<\/p>\n
We\u2019re also very good at identifying situations where a tax refund may be due.<\/p>\n
These are the most common reasons for needing to fill in a tax return:<\/p>\n
<\/p>\n
You need to complete a tax return even if you make a loss or if it’s your final year of trading.<\/p>\n
The only exception is if you’re a director of a non-profit organisation, for example a charity, and don’t receive any payments or benefits)<\/p>\n
If you receive total income of \u00a3100,000 or more you’ll need to complete a tax return. You may have higher or additional rate tax to pay that hasn’t been collected through your tax code.<\/p>\n
If you are an employee or a pensioner and already pay tax through a PAYE code, you can sometimes ask for tax that you owe on income, such as savings and property, to be collected through your code number. You’ll need to complete a tax return instead if the income you receive is:<\/p>\n
If you don’t pay tax through a PAYE code you\u2019ll need to complete a tax return if all of the following apply:<\/p>\n
If you’re employed and want to claim expenses or professional subscriptions of \u00a32,500 or more, you’ll need to complete a tax return. If you want to claim expenses below this amount, you can contact HMRC.<\/p>\n
You can only claim certain reliefs, such as Enterprise Investment Scheme relief or relief on Venture Capital Trusts, by completing a tax return.<\/p>\n
The new High Income Child Benefit tax charge, introduced on 7 January 2013, may mean you need to complete a Self Assessment tax return for the first time. You must complete a tax return if all of the following apply:<\/p>\n
If you receive a reduced age-related allowance, you’ll usually need to complete a return if your income is over a certain level (\u00a324,000 for the 2011-12 tax year, and \u00a325,400 for the 2012-13 tax year). But there are exceptions, for example if your tax affairs are very straightforward.<\/p>\n
You must complete a tax return if you have any foreign income that’s liable to UK tax.<\/p>\n
You must complete a return if you receive income (or are treated as receiving income) on which tax is still due, for example from:<\/p>\n
If you have Capital Gains Tax to pay, for example you’ve sold, given away or otherwise disposed of an asset such as a holiday home or shares, you’ll need to complete a tax return and the Capital Gains Tax pages.<\/p>\n
You may need to complete a tax return if you’re:<\/p>\n
You will need to complete a tax return if you are<\/p>\n
Whether you are a sole trader, a partner or director in a business, or a self employed sub-contractor, you are required to submit a Self Assessment return each year. For many people it can seem daunting, and the \u2018brown envelope… <\/p>\n","protected":false},"author":2,"featured_media":690,"parent":0,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-145","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/145"}],"collection":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=145"}],"version-history":[{"count":15,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/145\/revisions"}],"predecessor-version":[{"id":1684,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/145\/revisions\/1684"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/media\/690"}],"wp:attachment":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}