Self Assessment Tax Return Services for the Self Employed Accountants Ilford, Essex, East London

Who need to file Tax Return or self assessment ?

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There are various reason you have to file tax return or self assessment. I am providing few of the reason below:

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• You are self employed

• You are a partner in partnership

• You are a company director

• You have investment income

• You you let out own land or property

• You family or you receive child benefit and have income over £50,000

• You are not domicile of UK

• You have sold assets

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Why chose an accountant to file your self assessment ?

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HMRC is not required to advice you how to file your tax returns. Using a professional accountant such as S K Punia Accountant will make sure all the exemption are claimed and you pay less tax. 

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We use HMRC approved software to calculate your tax amount and file to HMRC.

All our accountants are certified Public Accountants, we will use our knowledge to analysis self assessment tax return and see what  tax saving are available. We will also review the tax return self assessment form for any inconsistency.

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The above process helps to reduce HM Revenue and customs inquiry into your tax affairs. 

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We provide fixed fees for self assessment and take the worry away for your tax return, saving  you time to concentrate on your small business growth. We will also negotiate installment payments if you are struggling with cash flow.

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When is income Tax Return due ?

 

Your income tax return is due on 31st January for online filing following the end of financial year which is on 5th April. If you would like to send paper tax return it is due on 31st October.

It is important to file and pay your tax return on time if it is delayed you will be charged penalties and interest.

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Paper base tax return filling

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If you using this method of filing for your self assessment tax return you should always allow time for postal delays, It is good idea to send your return as soon as reasonably possible. We recommend using recorded delivery this will provide you proof of your postage date and if your tax return is delayed and you got penalty for late filling, you can appeal with the postal proof.

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It is recommended to double check you have included all the forms, if you are using an Accountant they should ensure check it for you. HMRC is working on making tax digital and by 2023 their aim is every return should be filed online.

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How do I know if I have to file a tax return?

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HMRC sends reminder once a year if you have to file tax return, reminder is only send if you have register for UTR number. You will not receive a reminder if you are not register for UTR number or if you require to file a tax return on one of basis such as if you sold your buy to let property.

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When should I register for filing tax return ?

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If you are self employed or sole trader starting a new business, you should register as soon as possible. However, if you can still register before 5th October to file tax return by 31st October.

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Is tax return complicated process ?

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Preparing your income tax return can be fairly straightforward process, providing you have a good accountant with planning, advice and keep you tax records organised. S K Punia Accountants help to  arrange your documents in the first year and as an added value to client provide guidance in next year to organise the documents by clients which helps to save money to our client.

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What information is require to file tax return/self assessment ?

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It depend on what is the reason for your tax return, If you are self employed or sole trader then

we need your income and expenditure details which relates to your business. Any pension contribution made from your personal account.

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If you filling capital gain tax return then we need details of capital gain asset or share disposed and any cost related to it.

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If you are higher rate tax payer and filling due to child benefit,then we need your income statement/P60 and child benefit amount claimed.

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For partnership income we need information about your income proportion received from partnership.

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How much does an accountant costs in UK ?

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The price depend on what income tax is being filed. It can starts from £180-£850.

If the return is more complicated, accountant will spend more time and more cost will be incurred.

 

S K Punia Accountants provide the cost of tax return in beginning of the tax return engagement so you have peace of mind how much you will be paying. Get in touch to find out more.

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