If you are self-employed, a partner in a business, have property income or receive any untaxed income for example, you will need to complete a self-assessment tax return informing HMRC of your taxable income and any gains for the tax year.
The idea of ‘self-assessment’ is that the average taxpayer should be able to do this themselves without the need for an advisor. The on-line systems work well and simple returns should be relatively easy to complete.
However, the constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that you are at greater risk of penalties through failing to complete your returns on time or correctly. These include late filing, late payment, failure to notify and inaccuracy. The cost of the penalty varies so it is important that you disclose your tax affairs fully and on time.
Our clients value the fact that we save them a lot of time, worry, and money by handling their self-assessment returns. We will do all the necessary calculations, complete the return, but we also think of the bigger picture and offer advice on how you can minimise your tax liability. We will review all available and relevant reliefs and elections, identify opportunities such as Property Incorporations, Inheritance Tax, Capital Allowance reviews and Income Extraction from your business. We pride ourselves on giving the right advice to ensure you pay the right amount of tax.