Online Self Assessment Tax Return Accountant
Self Assessment Tax Return Services in Milton Keynes
Self-assessment tax returns can be confusing when you take into account all the different types of businesses that need to file this return. The UK has one of the largest tax codes in the world, and this type of return is one of many under the directive of HMRC for sole traders who gross more than £1,000 per year in income. With this in mind, how can CloudCo Accountancy Group help you?
At CloudCo in Milton Keynes, we can offer online services to ensure that your business or company has submitted all their financial documents, when they are due, in order to avoid any unnecessary fees or penalties. This not only reduces the worry for you, but allows us to concentrate on helping you maximise your future profits.
In this guide, we will go over all the different types of employment required to file a self-assessment tax return, and how our team of professional accountants can make the process appear seamless.
Why Choose CloudCo Accountancy Group for your Self Assessment?
Self Assessment Tax Returns Explained
This type of tax return is required for those who are sole traders, and those who claim any type of income from business-oriented expenses and structures.
You can file your tax return on paper or online. If you choose to do it online, you can enjoy a number of key benefits such as:
- You can print a copy or save everything for your records
- You can file later as the last date for this type of return on paper is 31st October while for online submission, you will have till 31st January
- The National Insurance and tax contributions that you owe are calculated automatically so that you can view and adjust the payments easily
- HMRC immediately acknowledges your return. Hence, you do not have to stress over losing it in the post
- Finally, you can check your account whenever you want to view the previous payments as well as the tax you owe
If you wish to submit your return online, register at the official website of HMRC for an online account.
You will then receive an activation code via post to initiate. Hence, it is best not to drag your feet and begin the process as soon as possible.
Compile All Essential Documents
Before you begin filling the document, it is necessary to gather all the relevant paperwork and documentation. This includes records of sales and income, business expenses, and business bank statements.
You might need your employer to give you a P60 form that shows the income as well as the tax that you have paid on it this year. You might even need a P45 form in case you have left a particular job within a specific tax year or a P9D/P11D showing any expenses and benefits due.
Remember to include all the interest details that you have received on building society or bank accounts, dividends from any investments, or other income you get.
Hire Accounting Professionals
It is pertinent to mention here that filing your return is super easy and straightforward. That said, if your entire tax situation is complex or you are not 100% sure of any part of your return, or you are expecting a significant tax bill, it is always best to employ an accountant who can help you out.
Although this will be an added expense, you will be extremely grateful for the help and costs in the short term and you could end up saving in the long term – simply from using professional accountants such as CloudCo Accountancy Group.
How Do I Know If I Need To Do an Online Self-Assessment Tax Return?
Essentially, if you get a notice for self-assessment or a tax return, it means that you are legally obliged to fill it up, and self-assess your complete tax liability.
However, as per government figures, over 400,000 people do not have to fill in the return year after year. Therefore, you might want to check if you are required to before you begin.
If you are currently in a business partnership, a company director, or work as a sole trader and have a salary within a specific financial year, this type of return is required to be submitted.
The same holds true for employed individuals and those who pay their tax through PAYE but have self-employed income coming in as well.
A few other circumstances might necessitate you to file a return, like claiming additional relief on tax on pension contributions in case you fall in the bracket of a higher rate taxpayer.
On the contrary, if you are sure that filing a tax return is not required on your part, then you should call HMRC to request that they withdraw it.
In addition to that, if you are not able to submit your tax return by the stipulated deadline of HMRC, you will have to pay an automatic penalty as well as added interest and fees on the tax that you owe.
Nobody wants that added expense, which is why it is so much easier to consult with a professional accountancy service group. That way you can relax, safe in the knowledge that you have met all the requirements and filed correctly and accordingly.
Self Assessment Has Never Been Easier
If you are struggling to understand the complex tax return and correctly complete them then rest assured that you aren’t alone. Ongoing changes to tax legislation result in taxpayers incurring penalties by failing to complete their returns correctly and on time.
Whether you are working as a sole trader, through a limited company, or self-employed, you need to fill in an assessment tax return.
We at, Cloudco Accountancy Group, offer a comprehensive tax return service that ensures that there will be no mistakes.
Besides undertaking the obligatory computations and completing your return, we will also advise on how you can minimise your tax liability and in case any tax issue arises with HMRC, we will directly deal with HMRC on your behalf.
Our Self Assessment Services Include:
Additional Limited Company Accounting Services:
We can also provide Business Credit reports that are specifically designed to provide prompt and simple access to important business information, including turnover, accounts formation, or company credit rating. With us, you can have complete peace of mind as every part of our system is secure, ensuring that all your data is secured and protected.
We also provide full documentation of all Incorporation Documents.
We also offer company formation services for non-residents. So, if you are a non-resident and want to form a company in the UK, then we can help you with that.
For all the international clients based anywhere across the globe, we can help give your company a full UK presence including a business trading address.
Self Assessment FAQs:
Depending on the purview of your business, if you are a sole trader or have employees or a partner, it can be beneficial to your business to consult with an accountant before your taxes are due.
This will ensure that any potential savings are made and that you end up paying the correct amount in tax.
By law, you can earn up to £1,000 through self-employment before any taxes must be deducted according to the protocols of HMRC.
Once you hit this financial marker, it is important to start quantifying and saving revenue on your earnings to ensure that you meet the legal requirements as established by HMRC.
Contact CloudCo Accountancy Group
We always set out to reduce your tax burden and provide you with a fresh accounting viewpoint on your financial affairs. We ensure that dealing with your tax affairs is a simple and stress-free process and set out to save you money wherever possible.