Benjamin Franklin said there were only two things certain in life: death and taxes. But with new legislation and changing events in your life there is nothing certain about taxes. Or at least when it comes to how much you should pay and what needs to be declared.
Getting married, having kids, education costs, buying or selling property, pension contributions, pay rises, investments, dividend payments, shares, employment status and inheritances are just some of the events that can impact how much tax you should pay. You can even end up passing on tax responsibilities to family members after you die.
The good news is some of those factors actually reduce your tax bill. The bad news is HMRC’s primary responsibility is to collect your taxes and ensure you haven’t underpaid, not to alert you if you’ve overpay.
Our goal is to take these complications off your hands, ensure you pay the right amount of tax and free you up to focus on more enjoyable things like time with your family or growing your business.
Do I need to complete a tax return?
There are many triggers for needing to complete a tax return including:
Self Employed, Business Partnership or Company Director
You live or Work outside the UK for part of year or receive income from overseas
You are a landlord or you make profits on investments or even have significant savings or investments
Selling or gifting assets or income is over £100,000 even on PAYE
Can I not do it myself?
Absolutely and many people do. It is important to note, however, that tax legislation changes regularly as new governments come into power and new budgets are released each year. This can mean you have to start paying tax on something you never have before, or should stop paying tax on something you were about to. The result is a quagmire of potential pitfalls where you can end up paying too much or too little tax.
Understanding the changing tax laws is crucial to making sure that you pay the right amount at the right time in the most efficient way.
Why use an accountant for my self-assessment?
Peace of mind
Avoid the headache and sleepless nights worrying if you’ve completed your self-assessment correctly and on time
Help manage your outgoings with a predictable fixed fee and avoid the worry of potential unexpected fines
With a proven process for filling a self-assessment efficiently we know the legislation, the questions to ask and the documents we’ll need from you. The result is far less hassle for you
Only accountants go to work to complete self assessments. By employing a specialist to do it for you you’ll save time that can be re invested in the things you enjoy
What are the key dates for self-assessment?
For UK residents the tax year runs from April 6th and ends April 5th of the following year. You then have until January 31st to complete your online tax return for the previous tax year.
What do I need to provide to complete a self-assessment?
If you are looking for assistance with a tax return you can call us on 0161 443 2280.