Self assessment

Tax preparation and submission

Self-assessment accountants to make tax season easier

If you’re a sole trader, in a business partnership or make money outside of employment, you may need to file a self-assessment tax return by 31 January every year. It can be a complex process, but as self-assessment accountants, we’re determined to simplify the process for you.

With us by your side, you won’t have to worry about tax filing or applying for tax relief – with us dealing with all that, you can focus on your business and what really matters to you.

What are self-assessment tax returns?

Self-assessment tax returns are a method employed by HMRC to collect income tax from certain individuals and businesses. Unlike employed individuals whose income is collected automatically through the PAYE system, people with income from outside employment – usually those who run a business, rent property or ‘side hustle’ – have to tell HMRC about the income themselves. The tax authority will then use that income to work out your tax liability.

Your responsibilities

Personal tax filing is complicated. Here are just some of your responsibilities:

  • Accurate reporting of income: In a self-assessment tax return, accuracy is paramount. You have to correctly report all sources of income, including earnings, dividends, rental income, and any capital gains.
  • Claiming allowances and deductions: You can maximise your tax efficiency by claiming eligible allowances and deductions. Your responsibilities include identifying and applying relevant tax reliefs to reduce your overall tax liability.
  • Deadlines: Meeting deadlines is crucial in self-assessment. Whether you’re filing online or on paper, ensuring timely submission is your responsibility to avoid penalties and maintain compliance.
  • Payment of tax owed: You also need to pay HMRC all of the tax you owe by specific deadlines.
  • Keeping detailed records: Maintaining comprehensive records of your financial transactions, receipts, and supporting documents is essential, as they may be requested by HMRC for verification.

How we can help

We want to help you handle your tax affairs better so you can focus on what really matters to you. Here’s how we do that:

  • Comprehensive income assessment: We conduct a thorough assessment of our clients’ income, ensuring that all relevant earnings, dividends, and gains are accurately reported.
  • Maximising allowances and deductions: We identify and apply eligible allowances and deductions where we can to optimise our client’s tax position while ensuring compliance with tax regulations.
  • Deadline management: We keep track of submission deadlines, ensuring that every client’s self-assessment tax return is filed on time to avoid penalties and maintain compliance.
  • Transparent communication with HMRC: We’ll address any queries, changes in circumstances, or additional information required for your self-assessment.

Get in touch with us

As self-assessment accountants, we have the experience and skills you need to make your tax season easier. Get in touch with us today for a consultation.

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