Self-Assessment Tax Return Services
We provide a comprehensive solution for all your self-evaluation requirements.
Boost your earnings!
As proficient accountants specialized in self-evaluation, we analyze your financial figures and generate your tax return with efficiency and convenience. Submitting to HMRC punctually and consistently.
Expert Tax Guidance
We go beyond simply preparing your self-assessment tax returns; our certified accountants offer crucial recommendations and counsel on how to lessen your tax obligations. Our aim is to provide you with an all-encompassing service that extends beyond number-crunching.
Our priority is to keep our clients up-to-date with their tax and financial affairs, enabling them to make informed decisions about their businesses and investments.
Dedicated Accountant
You will be assigned a committed representative located in the UK who can simplify any complex tax terminologies and manage all your tax matters efficiently.
Handle all of your taxation matters
We offer a comprehensive service that involves acting as your tax agents in your dealings with HMRC. This means that we will handle any tax-related matters with HMRC on your behalf, allowing you to sit back and entrust your tax affairs to us.
We offer a comprehensive service for completing and filing tax returns.
Our 9-step process for completing and submitting your personal tax return involves several stages:
1. We provide you with a Tax Return checklist to help you gather all the necessary information.
2. Using the information you provide, we complete your Personal Tax Return.
3. We calculate your tax bills and payments on account to avoid any penalties and interest.
4. We advise you on possible claims and elections to reduce your tax bills, except for tax credits, and make any HM Revenue & Customs required claims and elections upon your instruction.
5. After receiving your written approval, we submit your Personal Tax Return to HMRC electronically.
6. This electronic filing allows you to know when HMRC has received your return, and if you are entitled to a tax refund, you can expect to receive it much faster.
7. We check HMRC’s calculation of your tax bills and initiate repayment claims if you have overpaid.
8. We request your bank account details to transfer any refunds electronically.
9. We handle all communications related to your Tax Return from HMRC directly or forwarded to us by you.
Our self-assessment tax return service from just £12.50+vat per month
Get in touch with one of our experts!
What is a self-assessment tax return
A self-assessment tax return, also referred to as a personal tax return, is a formal process by which individuals declare their annual taxes on income received or gains/profits made on their capital investments.
While certain taxes, such as PAYE and savings income tax, are collected at source, income from sources such as rental properties, sole trader businesses, or the sale of appreciated assets, like Buy-to-let properties, is not taxed at source and requires separate declaration with additional taxes paid as necessary.
Moreover, a tax return may also be filed to claim back any overpaid taxes resulting from issues such as the incorrect application of tax codes by an employer. This process is an important and legally mandated part of individual tax compliance, and proper execution of a self-assessment tax return is essential to ensure accurate and lawful taxation.
Who needs to do a PTR (personal tax return)
If you fall into any of the following categories, you are required to file a tax return during the financial year ending on April 5th:
- Self-employed sole traders who are operating their own businesses or providing services.
- Partners in a partnership.
- Those who received untaxed income of over £2,500 (for instance, rental income from property).
- Investors with dividend income.
- Individuals whose savings income or investment income was greater than or equal to £10,000 before taxes.
- People who realized profits from the sale of assets like buy-to-let properties or shares.
- Those who received child benefits while earning more than £50,000.
- Individuals who received income from abroad require them to pay UK tax.
- Those who lived abroad but received income from the UK.
- Trustees.
Additionally, there may be other reasons why a personal tax return would be necessary. For example, one might need to file a tax return to declare payable or reclaimable taxes.
Notice of chargeability.
If an individual becomes liable for Income Tax or Capital Gain Tax for the first time, it is necessary to inform HMRC within six months of the end of the relevant tax year.
To file a tax return, one must be registered for self-assessment and possess a Unique Taxpayer Reference (UTR) number.
To obtain a UTR, a self-assessment registration form must be submitted, and it may take up to six weeks for the HMRC to issue a UTR. For instance, if an individual received dividend income during the tax year 2020/21, they must inform HMRC before October 5th, 2021.
Filing deadlines for Tax Returns
| Submission Types | Deadline | |
|---|---|---|
|
Paper |
31 October Following Tax Year 3 Months after Notice to File 2 Months if HMRC is to calculate tax |
|
|
Electronic/Normal Filing |
31 January Following Tax Year 3 Months after Notice to File |
|
|
Taxpayers with simple tax affairs can fill in
a short tax return which has no self-assessment |
|
|
Penalties for late filing of Tax Return
| Late Return | Penalty | |
|---|---|---|
|
Initial Penalty |
£100
|
|
|
> 3 Months late |
Daily penalties (£10/day, max 90 days)
|
|
|
6 Months late |
5% of the liability to tax (or £300 if greater)
|
|
|
12 Months late |
Additional 5% of the liability to tax (or £300 if greater)
|
|
|
Increased penalties apply if the withholding of information after 12 months is deliberate or deliberate and concealed. |
|
|
Payment Dates
On the 31st of January and 31st of July following the tax year, two payments are made in advance towards the income tax owed, which amounts to 50% of the previous year’s tax due. However, it’s important to note that these payments only relate to income tax and not Capital Gains Tax.
Payment on account is not required if:
- Tax due for the previous year < £1,000, or
- 80% of tax is collected at the source.
- Payment due in respect of a simple assessment is due on 31 January after the tax year.
| Late | Penalty | |
|---|---|---|
|
> 30 days late |
5%
|
|
|
> 5 months after first penalty |
Additional 5% |
|
|
> 11 Months after first penalty |
Additional 5% |
|
|
Late payments on account do not attract separate penalties. |
||
FAQ's
A written document known as a business plan provides a comprehensive description of a business’s objectives and outlines the strategies it will employ to achieve its goals, typically for a startup. This plan includes a detailed account of the operational, financial, and marketing targets that the business will set and work towards, with the ultimate goal of securing investment.
In your business plan, you must provide an overview of your products or services, customers, and suppliers. Additionally, you should include a summary of the projected growth of your company, including financial or market research insights. This summary should also encompass your short and long-term business goals, and your strategy for achieving profitability.
As an owner and entrepreneur, your business venture is an extension of your vision, goals, skills, and abilities. Your business plan serves as a written roadmap that outlines how your business, typically a startup, sets its goals and intends to achieve them. This plan encompasses various aspects, including marketing, financial, and operational outlook.
With our close relationships with banks, we understand precisely what information is necessary and how it should be presented to create a compelling proposal. By leveraging our expertise, you can increase your chances of success and receive the best possible support.
A business plan is essential for certain businesses. If you intend to seek a loan from a financial institution, apply for a small business grant, present your business concept to investors, or enlist the help of a business partner, having a business plan is crucial.
The contents of each plan may vary depending on the size of the company, but generally, they will comprise the following primary sections: An Executive summary, a description of the business and its structure, market research and strategy, biographies of the management and personnel, as well as financial documents such as cash flow, projections, P&L, and balance sheets.
There are multiple reasons why a business plan might fail, such as insufficient market research or low customer demand for the product. Although an idea may seem promising on paper, many businesses discover too late that they have invested in a flawed concept. To avoid this outcome, a well-crafted business plan should incorporate solid financial data, clear business objectives, and a strategy for transforming the idea into reality. For optimal results when seeking funding from a bank, applying for a grant, or attracting investors, it is advisable to consult with us and gain a competitive edge.