Lots of people struggle to understand these complex tax returns issued by HMRC and are able to complete them correctly.
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 and we are here to remove that stress and to save you time. We will handle the whole process for you including the computations, we will ensure that you pay the correct amount of tax.
We are always happy to talk to you and to advise what you can do to minimise your tax.
Who has to complete a self-assessment tax return?
You have to register for self-assessment and complete a self-assessment tax return if you are:
a director of a limited company receiving untaxed income
employed and earning over £100k
Earning over £50,000 and receiving child benefit
Earning income that hasn’t been taxed
Receiving property income
How the Self Assessment process works
HMRC may automatically send you a Self Assessment notice if they know that one is required. However they do not always and if your circumstances require that submit one then it is your responsibility to register for self assessment.
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 and pay any tax due.
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 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.
At Sherwin Currid our clients benefit from timely requests for information and processing of returns plus reminders of what to pay and when.
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 to which you are entitled.
If you have a rental property or maybe you 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.
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 on a self-assessment tax return, the rules around many of these areas are complicated. Sherwin Currid are experienced in helping with all aspects of a personal tax return.
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.
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 Self Assessment Return service
At Sherwin Currid we look after your personal tax every step of the way. We are always available to discuss any concerns that you during the process but we will communicate to you in a simple, jargon free language.
Your returns will be processed on a timely basis and any tax efficiencies identified. We will remind you of any information that we need and any taxes that need to be paid. The rest you can leave to us. Why not get in touch today and find out more about how we can help you.