Self assessment involves completing an online or paper tax return in order to tell HMRC about your income and capital gains (profits on the sale of certain assets), or to claim tax allowances or reliefs against your tax bill. HMRC use the figures on the tax return to work out your tax bill, or we can work it out for you.
There are different types of tax return and different ‘supplementary pages’ you may need to complete depending on your circumstances. There are also deadlines for sending your tax return in and penalties and interest charges if it arrives late.
Who needs to complete a Self Assessment tax return?
If you pay tax on your earnings or pensions through PAYE (Pay as You Earn) your employer or pension provider deducts tax on our behalf and you won’t usually need to complete a tax return. In these cases we’ll normally also ask them to use the PAYE system to deduct any tax you may owe on a State Pension or other taxable income (e.g. investment or rental income) up to a certain level.
But if you have more complicated tax affairs you may need to complete a tax return. There are also certain circumstances in which you will always need to complete a tax return, for example if you’re self-employed, a company director or a trustee or if you have foreign income.
Preparation and filing a tax return can be a painful exercise even if there are few transaction and entries to make. When the January self assessment filing deadline approaches the stress levels will rise even further!
At Amin & Co Accountants we use latest HM Revenue & Customs approved method & software to, complete your tax return, calculate your final tax bill, file the return on line and look after any other matter with HMRC on your behalf.
We can analyze your self assessment tax return to see if any tax savings can be made keeping in view of your tax & accounting data available on record.