Self Assessment Tax Return Services

Self-assessment tax return
Self-Assessment Tax Return

A self-assessment Tax return also known as “Personal Tax Return” is way for individuals to declare their annual tax on any Income received or on gains/profits made on their capital investments.

PAYE taxes are collected at source. Employees will have their taxes deducted before being paid by the employer and similarly savings income may be taxed by the bank when paying out interest. 

However, other income from other sources like Rental Property, a Sole Trader Business or sale of an asset that increased in value (e.g a Buy-to-let property) will not have been taxed at source, and hence will need to be declared through a Personal Tax Return and any additional taxes paid.

Similarly, a Tax Return may be prepared to claim any overpaid taxes, e.g. your employer put you on wrong tax code initially and you were overcharged.

Why register for Self-Assessment Tax Return?

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

  • self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
  • a partner in a business partnership

You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

  • money from renting out a property
  • tips and commission
  • income from savings, investments and dividends
  • foreign income

Penalties for late filing of Self -Assessment Tax return

  1. Initial penalty – £100 for filing even a day late 
  2. More than 3 months late – For every day after the three month deadline the fee is £10 per day for a maximum 90 days
  3. More than 6 months late – 5% of the liability to tax (or £300 if greater)
  4. More than 12 months late – An additional 5% of the liability to tax (or £300 if greater)

Why Accurus for your Self-Assessment Tax Return service?

Professional Tax Advice

We aim to provide you with the necessary advice and guidance on how to minimise your tax liability both for the current year and future years. This advice is ongoing as the rules and allowances change almost annually.  We believe in providing a value-add service, not just number crunching.

We deal with all your tax affairs

We act as agents to the HMRC, which means that we will deal with HMRC on any tax matters. Take comfort in knowing that we will deal effectively with all your tax affairs.

Our Comprehensive Self-Assessment Tax Return service.

  1. We will supply you with an up to date checklist to ensure that you have got all the information together to complete the tax return.
  2. We will then use the information collated to produce a first draft of the tax return.
  3. We will produce a tax computation which shows the tax due and also the payments on account, if applicable.
  4. We will then discuss with you whether there are any additional claims that we can make on your behalf to minimise any tax liabilities.  We will also discuss the tax position of partners and spouses to ensure we have considered all allowances.
  5. Once we have produced a final tax return. we will ask that the tax return is signed. 
  6. We will proceed to file directly with HMRC. 
  7. We will deal with any issues raised by HMRC and with any communication that you may forward to us. 

fall in love with our SERVICE offerings

VAT Return Services

Real time stats

We can provide the software and bookkeeping to ensure that we are able to provide real time stats to aid effective decision making. This can include regular management accounts, Key performance reporting, cashflow reporting and risk management.

VAT Return Services

Compliance - we got it sorted

Compliance is a statutory requirement and therefore very important to get it right. Once you are a client, rest assured we take care of your compliance arrangements.

Amazingly Responsive

Whether you wish to discuss any area of your business, give us a call and one of our qualified accountants will deal with the issue or provide the advice you need to move forward.

Cloud accounting

We are cloud accounting experts and will set up your accounting system, provide adequate training and implement other tech solutions for your business/sector to ensure you reduce the time spent previously on keeping your books.

Community builder

We like to think of our clients as a network and will regularly introduce clients who may be helpful to others for mutual benefit.

Bespoke offerings

We are able to provide a bespoke service to each client dependant on their needs. From full bookkeeping services, to managed service levels to a fully outsourced finance function. We can help you.

Not happy with your Current Accountant?

The main reasons people give for switching accountants is:

  • poor client service
  • they don’t listen
  • they use too much jargon
  • information is not understood?

Switching is easy, contact us to discuss further.