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Self Assessment Tax Return

Self Assessment Tax Return

The tax system in the UK is known for its complexity, with the longest tax code in the world. As a result, even the simplest tax return can often be a challenging task. Taxpayers must be well-informed about the numerous deadlines and responsibilities that come with filing taxes. It is crucial to stay updated with the latest regulations and changes in tax laws to ensure compliance. Seeking professional assistance from accountants or tax advisors is recommended to navigate through the intricate system. By staying organized and being aware of the relevant deadlines, taxpayers can effectively manage their tax obligations in the UK.

Error Free Self Assessment Tax Return

The calculation, completion and submission of Self Assessment Tax Returns can be complex and involves adequate knowledge of taxation laws, various legitimate exemptions and allowances. This is exactly why it is not the best decision to do it yourself. Not only does it take up a lot of your valuable time, you could actually find yourself joining the thousands who are annually fined by the HMRC for failure to file returns. When you choose our professional services, you can look forward claim tax relief due to the following.

  • HMRC registration
  • Tax return preparation – calculation of income, pensions, benefits, expenses, capital gains etc
  • Tax return submission
  • Professional advise on tax liabilities
  • Timely filings within deadlines
  • Assistance in the course of HMRC investigation 
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Do you need to file Self Assessment? You will have to, if you belong to any of the following categories 

  • Sole Trader
  • Partner
  • Director of Ltd Company
  • Recipients of allowances for the aged
  • Trustee
  • Individuals who earn income overseas without being domiciled
  • Individuals earning annual income above £100K
  • Individuals with a capital gains liability
  • Tax defaulters unable to opt for tax code adjustment 
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What is required in Self Assessment Tax Returns?

If you fall into any of the above categories, you are required to complete and file a self assessment tax return. This return can be either a paper return, or a return field online. Both returns have different deadlines as last dates of submission, failing which you will face a penalty or charges.

The details that will form part of the submission in the prescribed format and calculations include all income that you earn, the expenses you incur, that capital gains that you receive, and any claims for eligible tax reliefs which will go towards reducing your tax exposure.

There are several common reasons why you may be required to file a self assessment tax return. If you are self-employed or a partner in a partnership, it is necessary to report your income and expenses. The same applies if you are a company director. If you have substantial savings or investment income, or if you have any untaxed savings or investment income, you are also required to file a tax return.

Owning a property that is being let out, receiving Child Benefit with taxable income not exceeding £50,000, having income from overseas, selling or giving away assets, or living/working abroad or not being domiciled in the UK are additional circumstances that would necessitate filing self assessment tax returns.

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Self Assessment Tax Return Services

Our services for Self Assessment Tax Returns include updating all accounts and completing returns on behalf of clients. By availing our specialised services, clients receive manifold benefits, including :

  • Availing of maximum tax allowances and deductions that are permissible
  • Availing specialist advice on taxation, to reduce tax exposure legally, which will help in the long haul
  • Preventing the spreading of resources thinly over all activities, and focusing on core activities
  • Invaluable documentation which helps maintain records in perfect order
  • Full assistance in tax enquiries and revenue investigations from HMRC
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While it is true that there are no restrictions on individuals completing a Self Assessment tax return themselves, it is important to consider the potential risks involved. By engaging the services of professional Self Assessment accountants, such as Target, you can benefit from their extensive knowledge and experience. They can help ensure that you maximise your entitlement to your tax reliefs and expense claims, consequently preventing you from paying more tax than necessary. Additionally, their expertise ensures accurate and timely completion of your self assessment tax return. This assistance can provide valuable peace of mind and help you navigate the complexities of the tax system effectively.

Key to financial health of entities in different capacities, is the need to plan tax remittances and be fully compliant with all jurisdictional regulations and tax bill. This is where you will find that Target Accounting will make your life a lot easier by taking care of all the tax related activities, leaving you to focus on what you do best.

Your time is priceless. Your money is valuable. Why waste any at all?

The UK has a large number of tax codes. Why surround yourself with problems? Let us handle complex issues, with an efficiency that will help you breeze through compliance.

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We understand the importance of allowing you to focus on your business without the added stress of tax preparation. With our fixed, competitive pricing, you can have peace of mind knowing that your self assessment tax return will be handled efficiently and accurately.

We aim to provide you with a hassle-free experience, so you can continue running your business smoothly. Our dedicated team is committed to delivering exceptional service, ensuring that your self assessment tax return is completed on time and in compliance with all regulations. Let us take care of your self employment tax needs, so you can concentrate on what you do best – growing your business.

It is true that the majority of taxpayers are employed and their income tax is deducted at source through the PAYE scheme, which ensures a seamless process. However, if you are not covered under PAYE or earn income exceeding specific thresholds outside of employment, you may be obligated to complete a self assessment tax return.

This allows individuals to accurately report their income and claim any applicable deductions or credits. It is important to fulfill this requirement as it contributes to maintaining a fair and transparent tax system. Should you require further assistance paying tax, or guidance regarding self assessment, please do not hesitate to seek professional advice.

Can you file a self assessment return online?

Paper self assessment tax returns are still available, allowing taxpayers to download Form SA100 from the official government website, gov.uk. However, there is a growing trend towards filing self assessment tax return online. To file online, individuals must either register for self assessment or sign in to their existing self assessment account. This can be done through the secure government portal.

Filing online offers several advantages, including a simplified process with built-in calculations and prompts, instant acknowledgement of receipt, and extended deadlines for submission and payment. Online filing also facilitates faster processing and quicker refunds, making it an increasingly popular choice for taxpayers.

Self Assessment for company directors

Directors play a crucial role not only in company tax reporting but also in personal taxation through Self Assessment. In addition to their company responsibilities, directors must provide comprehensive information about their income streams, which may include salary, dividends, and benefits in kind. These details must be accurately reported to HMRC through self assessment tax return. To ensure maximum tax efficiency, directors can seek guidance from our expert team. Our team can assist directors in completing their self assessment tax return with utmost precision, minimizing tax liabilities while adhering to all necessary legal requirements.

Self Assessment for business partnerships

Partnerships in the UK need to be registered with HMRC for Self Assessment. The responsibility for this lies with the nominated partner in the partnership. It is crucial to note that unlike limited companies, partnerships themselves are not subjected to taxation. Instead, the individual partners are personally liable for their share of tax obligations.

Self Assessment for Property Income

Rental income from property needs to be declared on your Self Assessment tax return if it falls within certain thresholds. If your rental income, after allowable expenses, is between £2,500 and £9,999, or if it is £10,000 or more before allowable expenses, you are required to report it. It is important to be aware that there is a tax-free allowance of £1,000 on income from property.

Additionally, if you are selling a property that is not your main residence, you may be liable to pay Capital Gains Tax. At SocialBee, we specialize in providing comprehensive accounting advice for landlords and buy-to-let properties. Our expertise can help you optimize your tax position when it comes to rental income from property.

Self Assessment for Investors

If you receive an annual income of over £10,000 from savings, investments, pension contributions, and share dividends, it is important to declare this income on your Self Assessment return. Income from savings is subject to taxation once it exceeds your savings allowance, which falls under your personal allowance and is taxed at your marginal rate. Dividends, on the other hand, are taxed in different bands. To ensure that your tax returns and allowances are correctly reported, it is crucial to seek assistance or guidance from professionals who can help you navigate through the complexities of the tax system.

Self Assessment for high earners

If an individual is self employed, and their income exceeds £100,000, they are obliged to complete a Self-Assessment (SA) tax return. This requirement does not typically apply to the majority of employed individuals.

What are self assessment deadlines?

The deadlines for filing self assessment tax returns vary depending on the method chosen. For paper returns, the deadline is October 31st of the year following the tax year end. However, for online returns, the deadline is extended to January 31st of the following year.

It is important to adhere to these deadlines and pay tax due to avoid late filing penalties. Late returns can attract a fine starting at £100 if filed just a day late. If the return is over 6 months late, the penalty can increase to £1000 or more, along with additional costs. It is crucial to submit tax returns on time to avoid unnecessary fines.

Self Assessment if you sell online

When it comes to online trading on platforms like Amazon, eBay, and Etsy, it is important to understand which sales need to be declared for self-assessment. The key factor to consider is whether you are running a business online. If you are only occasionally selling unwanted items, there may be no need to declare the income from those sales.

However, if you are consistently buying goods to sell at a profit or engaging in frequent and regular sales online for other income, HMRC is more likely to view it as a business and require you to declare the income. It is essential to assess your online trading activities accurately to comply with tax regulations.

FAQs - Self Assessment Tax Return

A self-assessment tax return is a form that individuals in the UK use to report their income and capital gains, and to calculate the amount of tax they owe to HM Revenue & Customs (HMRC).

You will need to complete a self-assessment tax return if you are self-employed, a company director, have income from savings, investments, property, or if you have any other untaxed income.

The deadline for filing a self-assessment tax return online is usually 31st January following the end of the tax year. Paper returns have an earlier deadline of 31st October.

If you miss the deadline, you may be subject to penalties and interest on any tax owed. It’s important to file your return on time to avoid these additional charges.

You can calculate your tax liability by adding up your total income, deducting any allowable expenses, and applying the relevant tax rates and allowances to determine the amount of tax you owe.

You can claim expenses that are wholly and exclusively for the purpose of your business or self-employment. This can include costs such as office supplies, travel, and professional fees.

Yes, you can seek assistance from an accountant, tax advisor, or use HMRC’s online services to file your self-assessment tax return.

You should keep records of all your income, expenses, and any other relevant documents such as bank statements, invoices, and receipts for at least 5 years after the submission deadline.

You can pay the tax owed through various methods including direct debit, bank transfer, or by using a debit or credit card.

If you are struggling to complete your self-assessment tax return, it is advisable to seek professional advice from an accountant or tax advisor to ensure compliance with HMRC regulations.

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