Completing your self assessment tax return can often be a stressful task, and many individuals don’t have the time to give their financial affairs the attention they deserve. It is essential that accurate returns are submitted on time to avoid costly penalties when deadlines are missed, incorrect returns are delivered or appropriate records are not retained or presented.
Who is required to submit a self assessment tax return
Individuals who are self-employed as a sole trader (and earned more than £1,000 in a tax year) or who are a partner in a business partnership must send a tax return.
You may also need to send a tax return if you:
- have rental or other income from property
- receive income from savings, investments and dividends
- you total income was more than £100,000 for the year
- you or your partner’s income was more than £50,000 for the year and you claimed child benefit
- received income from outside of the UK
- received income from a trust
- received a payment or charge on a private pension
- sold an asset creating a capital gain
Please contact us if you are unsure or if you seek further advice.
How we can help
At Simpson Wreford & Partners we aim to relieve you of this stress and offer a comprehensive self assessment service. Our personal tax team will get to know you and your financial affairs and will look to for ways to improve your tax position in the long run and keep your liability as low as it can be.
- Liaise with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
- Calculate your tax liability
- Complete and file your tax return on your behalf
- Advise you when various payments are due and how much to pay
- Advise on appropriate record retention
- Introduce you to any relevant tax saving ideas
- Represent you in the event of your being selected for investigation by HMRC
Contact us today to discuss how we can spare you the headache of Self assessment.
There’s a better way to manage your finances.