Looking for some self assessment tax return help and guidance? Our specialist tax accountants can complete your return and advise you on how you can minimise your tax liability.
Self assessment has become an undoubtedly complicated process within the last few years. With the pressure of having to file within deadlines and calculate tax liabilities for the Inland Revenue, we are here to help.
Tax legislation is always changing. This not only makes self assessment tax returns more difficult to understand, but could also potentially result in taxpayers incurring more penalties through failing to complete returns on time, or correctly.
Here at Pomegranate Consulting we can take this puzzle off your shoulders and leave it with our experts. We’ll do all the necessary calculations, complete your return and give you advice on how you can minimise your tax liability as much as possible.
An Introduction to Self Assessment Tax Return
Self Assessment began in 1997, with the idea being that taxpayers would be able to easily complete their own tax returns. The reality turned out to not be quite so simple.
The tax year runs from 6th April to 5th April in the following year and under self assessment, it is up to the individual taxpayer to calculate their tax liability and pay the tax due by the due date.
Who has to fill in a Self Assessment Tax Return?
The majority of people in the UK are taxed under PAYE and so do not have to complete a Self Assessment Tax Return. However, where you have income that is not taxed at source, you will probably need to complete a self assessment return. It is your responsibility to notify chargeability to tax to HMRC.
The following people usually have to complete one…
- Anyone who is self-employed;
- A company director;
- A trustee;
- Pensioners with an annual income of £100,000 or more;
- Employees or pensioners with an annual income from savings or investments of £10,000 or more;
- An employee or pensioner with untaxed annual income of £2,500 or more;
- A landlord who rents out property or land;
If you are unsure whether you need to complete one, please contact us for advice.
Want to find out more? Read our full Intro to Self Assessment Tax.
How Our Tax Accountants Can Help You
Our specialist Tax Accountants can assist you with the completion of your self assessment return, advice on payment of liabilities and deal with any enquiries into your return. Contact the team today.