Self Assessment Tax Return: Get Expert Help
Tax Advice
Do you need help with your self-assessment tax return?
Sherwin Currid provides a comprehensive self-assessment tax return service, keeping you on top of your personal tax.
A comprehensive self assessment service
Lots of people struggle to understand the complex self assessment tax returns and are able not to complete them accurately. In addition regular changes to legislation means that taxpayers risk incurring fines and penalties from failing to complete their returns or doing so inaccurately.
The whole process can be stressful but our team of expert accountants are here to remove that stress and to save you time. With Sherwin Currid your accountant will handle the tax return process for you, relieving you of tedious computations and ensuing you pay the correct amount of tax.
Our team are always on hand to speak to clients and advise them on the most tax efficient schemes and methods to ensure your tax liability is minimised.
Who has to complete a self assessment return?
You have to register for self-assessment and complete a self-assessment return if you are:
- A limited company director receiving untaxed income
- Self employed
- Employed and earning over £100k through PAYE
- Earning over £50,000 and receiving child benefit
- Earning income that hasn’t been taxed
- Receiving property income
If you are unsure whether you need to register for self assessment you can check here on the government website or by phoning us at Sherwin Currid where one of our accountants can offer you advice.
How the self assessment process works
Completing your self assessment submission correctly requires you to meet various deadlines as well as staying on top of any necessary paperwork regarding income and payments. We have broken down the process into steps below.
Registration for self assessment
HM Revenue and Customs (HMRC) may automatically send you a self assessment form if they know that one is required from previous years. However, they do not always and if your circumstances require that you submit one then it is your responsibility to register for self assessment and create an online account. The deadline for registering is the 5th of October of the same calendar year that the relevant tax year ended, ensuring that you meet this deadline is important so if you are unsure whether you need to register you should seek professional advice before this date.
To register you must have your Unique Taxpayer Reference Number (UTR) as well as either your postcode or National Insurance number
What period is covered in a tax return?
Your self assessment return covers as tax year i.e. 6th of April to 5th of April the following year. You have until the 31st of January the year following the end of the tax year to submit your return through HMRC’s online service and pay any tax due.
For a paper tax return you will have to submit it to HMRC before the 31st of October, of the same year the tax year ended. At Sherwin Currid we submit your tax return online to allow you more time to order your affairs and ensure you are tax efficient.
How to pay your tax bill?
If you need to submit a self assessment return then you may fall into the payments on account scheme where, rather than paying any tax due by the 31st of January you need to make 2 estimated tax payments towards your self assessment tax bill during the tax year with a balancing payment due by the 31st of January.
You will fall into the payments on account regime if you have over £1000 of tax due at the year end or if more than 80% of your income is not taxed at source.
How does Sherwin Currid help you meet the requirements?
We give all of our clients timely reminders to supply their information in order to avoid a late filing. We will contact you to ensure all taxable income is accounted for whether that comes from payroll salary, dividends, rental income or anything else. Our team will also take the time to understand which deductions apply to you such as student loans, income tax, dividend tax, capital gains tax and national insurance contributions.
We have over a decade of experience in filing returns for a wide range of clients from sole traders to limited company contractors working in various industries. With Sherwin Currid you can rest assured your self assessment tax return will be completed in a timely and accurate manner.
Why do you need advice?
Depending on your circumstances completing a tax return can be complicated. All income your earn as an employee need to be declared along with any benefits that you get as part of your employment.
If you have a sole trade then accounts will need to be prepared so that income earned can be accurately declared. We can help you declare accounts to ensure you claim all of the deductions and tax relief to which you are entitled.
If you are a landlord of a rental property, rent out a second home, or maybe just rent a room in your house then any income earned needs to be declared. Again deductions are allowed to reduce your tax liability and we can help you with this.
All income from interest and dividends needs to be declared on your returns as long as income from other forms of trading such as crypto which can be very complicated.
If you are a director of a limited company in the UK, then there are a multitude of different ways in which you can structure your pay to be as tax efficient as possible. Seeking professional advice is a good idea as you will be given guidance on how to structure your business and allocate it’s turnover to benefit your tax affairs.
Income earned from overseas sources and taxes paid overseas are all considered when completing a tax return. Understanding your residency situation is important here.
In addition to income tax needing to be reported on a self assessment return any capital gains also need to be declared. If you have sold an asset such as an investment property or shares and there is a capital gain on this then it needs to be declared.
The above areas are not exhaustive. There are a huge range of things that need to be declared and will contribute to your self assessment bill, with the rules around many of these areas being complicated. Many of these will require supplementary pages to your standard form and can be daunting to attempt on your own.
Sherwin Currid are experienced in helping with all aspects of a personal tax return and have a team of specialists in different areas to ensure each part of your income is deal with in the best manner possible.
Tax planning and advice
As tax rules are complicated there can frequently be areas where tax efficiency can be improved, this can in turn reduce your overall tax liability. In some cases you may have paid too much tax through your payments on account and may be entitled to a tax refund once all your allowances and deductions have been applied properly.
At Sherwin Currid we discuss tax efficiencies throughout a clients engagement. This is to ensure they are paying the right amount of tax, not too much. If you want proactive tax advice and you don’t want to worry whether you are paying the right amount of tax then please get in touch.
Sherwin Currid: Your local, approachable accountant
If you are looking for an accountant near you that has many years of experience in advising and helping individuals and businesses operate in a tax efficient and fully compliant way then please get in touch, we would be delighted to help.
We offer a range of packages to suit most clients’ needs but are always happy to bespoke a package if needed.
Our head office is in Guildford but we have a number of other offices around the South East where we are always happy to meet prospective clients to understand their situations and to explain how we can help
Sherwin Currid Directors
Our founding directors, Martyn Currid and Max Sherwin, set up Sherwin Currid to help freelancers and small businesses with accountancy. Since then we have grown to look after a wide range of clients while keeping our personal, professional service.
Our Client Testimonials
Some of our clients have been kind enough to leave us reviews of our accountancy services. Don’t just take our word for it, read some testimonials to see how we help people with their business and personal tax.
