Your Dedicated Self Assessment Accountant

If you’re self-employed, a partner in a business, a retired investor, or earn money through other sources like renting out a property, it’s likely that you’ll have to fill out a self-assessment tax return. Managing this on your own can be complicated and time-consuming, which is why many people opt to use a Self Assessment Accountant.

Your self-assessment tax return is your opportunity to let HMRC know how much money you’ve earned and, ultimately, how much tax you’ll need to pay as a result. Some people do choose to fill them out themselves, but the process can be complicated – and it’s not always easy to spot opportunities to save money without the help of an accountant.

Who needs to complete a self-assessment tax return?

If you are earning money through any other way than PAYE, you’ll probably have to complete a tax return to let HMRC know how much you’ve earned and how much tax you owe.

You’ll likely need to submit one if, in the last tax year, you were: 

• Self-employed as a sole trader and earned more than £1000
• A partner in a business partnership.renting out a property
• earned untaxed tips and commission
• had income from savings, investments and dividends
• had foreign income. 
• Received child benefit and one person in the household earned over £50,000

You might also want to complete a self-assessment tax return if you’re trying to prove you’re self-employed for tax-free childcare or maternity allowances, or to claim some income tax reliefs.

Why is a Self Assessment Accountant necessary for my tax returns?

Although it’s (mostly) possible to fill your self-assessment tax return out yourself, it can save you lots of time, stress and (hopefully) money if you seek the help of an expert.

An experienced self assessment accountant will be able to analyse your return to quickly identify any tax savings that can be made, review the form for you to make sure there aren’t any issues before you submit it, and discuss the possibility of deferring your bill or negotiating a payment plan with HMRC if you’ve got cashflow problems.

It’s important to remember that if you make a mistake on your tax return or don’t comply with the regulations, you could face a penalty or a stressful enquiry from HMRC. With a professional self assessment accountant by your side, you can rest assured everything will be filed correctly and on time.

If you’re ready to take the next step please get in touch.