If you are you self-employed, in a partnership, landlord or work under CIS construction industry scheme. You may be required to submit annual (HMRC) self assessment tax return also known as SA100.
There may be several other reasons to send in a self assessment tax return besides only declaring income. You may be required to send in a tax return in order to report Capital gains, claim income tax relief or applying for a maternity allowance.
It’s always wise to seek advice from someone who understands this process, not only because it can save you time and money in the long term, but also because you can make sure you submit the right returns. Similarly, if you are looking to avoid paying excessive taxes then you’re probably better off seeking a professional’s opinion. This will help you get the best results, meaning you won’t have to wait for a refund because you weren’t able to correctly fill out your return.
There are different deadlines for different types of return i.e paper tax return must be sent by 31st October every year, whereas the electronic tax return deadline is 31st January each year. This is also the same date where all your income taxes and national insurances due to be paid in full to avoid financial penalties.
The most important thing to keep in mind when considering how to file Self Assessment Tax return in the UK is the fact that it is very important to pay your taxes on time. If you do not, the government can fine you and have your personal assets seized.
The process for how to file Self-Assessment Tax return in the UK is similar to how to file a EFRBS tax return. However, there are some additional rules you will have to follow. Anyone who receives income which is not taxable at source should do so by completing a self-assessment. This means any self-employed person , a small business, an individual, and a partnership, must do so. The self-assessment should be done before the first payment of tax is made to HMRC.
To learn more about how to file a self-assessment you should visit the HMRC website. They provide detailed information on the procedure, which also includes how to make an appointment with a tax advisor and the time it will take them to review your return and help you complete it correctly. Total tax Accountants can make this process much easier and smoother for you.
Total Tax Accountants has a team of professionals ready to take your accounting responsibilities on them. We have a long list of satisfied client who have already used and are still using our Self-Assessment Tax Return services.
Before you can submit you Self-Assessment Tax Return, we make sure that all data has been complied according to the HMRC requirements. Moreover we also make sure that you don’t pay any tax for which you may be qualifying for a tax exemption.
In short, after giving us your Self-Assessment Tax Return preparation responsibility, you can sleep in peace at night.
If you fail to send in your self assessment tax return in time or not sent at all HMRC can penalise you financially and these penalties can be as high as £1,200 for late filing plus loss of revenue fines including interest charged. How much penalties you may receive depends on individuals circumstances.
At Total Tax Accountants, we can help you with all sort of self-assessment tax returns and assist you with effective tax planning to avoid big tax bills. We can also make sure that your tax returns are submitted within the deadline to avoid penalties. Get in touch with our expert tax advisers to deal with your enquiries effectively.