Self assessment
Self Assessment is a HMRC system set up to collect Income Tax. Most people such as employees and pensioners fall outside the scope of Self Assessment as their income is taxed at source through the PAYE system. Businesses and people who have other untaxed income must declare their income by completing an annual Self Assessment Return for each relevant financial year.
Self Assessment could become a long, boring and ongoing administrative process if not completed with due diligence and systematically. There are penalties attached to missing filing deadlines and for late submission of your Self Assessment return. You’ll get an automatic £100 penalty for filing your tax return 3 months late with additional costs for filing it even later than this.
To avoid penalties returns need to be completed accurately, submitted on time together with retention of supporting evidence and back up records such as invoices for the specified amount of time.
Our service
For this value added Self Assessment service we:
- Complete all elements of your Self Assessment return – the relevant forms, tax computation and tax liability calculations.
- Advise you when to pay the right tax at the right time – with relevant tax planning you may be able to minimise your tax liability.
- Give you sanity – that peace of mind that all necessary administrative tasks are in safe hands and have been completed, saving you core time which you may use to pursue entertainment and leisure activities or further grow your business instead of worrying.
- Act on your behalf to represent you – this may be when dealing with any Self Assessment enquiry or meetings with HMRC.
