The self assessment tax return allows you to calculate your income and taxes. Individuals, companies, and partnerships can complete it. It can be used for both Corporation Tax and Income Tax.
In contrast to other types of tax returns, the self assessment tax return does not require professional assistance to be completed. However, if you are still deciding whether to complete this tax return, you should contact accountants in Slough. They will assist you with your circumstances.
The Self Assessment Process
HM Revenue and Customs (HMRC) collects income tax through self-assessment. Individuals and firms must file tax returns on other income (such as COVID-19 grants and support payments) and tax withheld from earnings, pensions, and savings.
HMRC requires you to file a tax return if you are self-employed or need to file a self assessment. Self Assessments must be filed by October 5. You can file directly with HMRC.
You will only need to provide your income sources and personal information to complete the Self-Evaluation. Once registered, HMRC will issue you a Unique Taxpayer Reference (UTR) number. By January 31, you will need to use this number to pay your tax return.
What to do if you have missed a tax deadline
It is essential to contact HMRC as soon as possible if you still need to meet the tax deadline. You may be eligible for a “Time to Pay” agreement if you cannot fully meet your tax obligation. HMRC will only allow you to set up a payment plan if they believe you can keep up with the payments. If you cannot negotiate a payment plan with HMRC, you will have to pay the amount in full.
What is the purpose of contacting a self assessment tax accountant?
An accountant specializing in Self Assessment tax returns is called Self Assessment tax accountant. The Individual Tax Return is used when you must report untaxed income to HMRC. The reason might be any of the following:
- It’s just you and your business.
- Your annual income exceeds £100,000 per year.
- The owner of the property
- Pension tax reduction is a priority for you
- Your investment has yielded a profit.
- The money you make from side jobs is in addition to the money you make from your primary job.
You may be able to prepare your tax return, but it is notoriously complex, and you may be subject to severe fines for making an error. The typical response is no. Generally, the simpler your tax return is, the easier it is for you to do it yourself.
It is still important to prepare, regardless of whether you are an accountant or not:
- Prepare spreadsheets for every tax year
- Track your revenue and expenses while segregating your expenses from your company’s costs using a business account.
- The more you know about what you need from a tax accountant, the less likely you will be taken advantage of.
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