accountants for tax returns

If you require a self-assessment tax return due to income or capital gains that needs to be declared, then we can help you.

who & Why would you need a tax return?

8 mins

In this video I go through the basics of a self assessment tax return.

If you earned income in a particular UK tax year (6th April – 5th April) that has not already been subject to tax at source, then you will most likely have to declare and submit it via a self-assessment tax return. Examples include:

  • Landlords with buy to let income
  • Company directors who are paid a dividend
  •  People who earn in excess of £100,000 per annum
  • If you’ve made a capital gain (or loss) 
  • CIS subcontractors
  • Investors
  • If you have been notified by HMRC that you need to complete one
You can absolutely file your self-assessment return yourself. However, if you don’t have the time or feel like you may need help, then using an accountant is a simple and stress solution. 
 

FAQ's on accountant tax returns

In the UK, the tax year spans from the 6th April to the 5th April, every year. 

If you are required to complete a self assessment tax return, then you this must be done by the 31st January following the tax year. 

Follow the link below for more about dates and deadlines:

https://www.gov.uk/self-assessment-tax-returns/deadlines

Obtaining the correct tax code from HMRC is important. This is normally done automatically by HMRC but sometimes errors in your tax code can be made. A wrong tax code can result in over payments of tax.

Your tax code is an integral part of your accountant tax returns. 

Your UTR (Unique Tax Reference) is obtained once you register for self-assessment tax returns. 

The UTR is required to complete and submit your tax return.

 

Then you will be faced with penalties. 

Within 3 months, it’s £100. 

Over 3 months, then you could be facing penalties of up to £900 and eventually a % of the tax owed. 

Follow this link below to find out more about late tax return penalties:

Self Assessment Penalties

 

Absolutely. 

The system is designed so you can complete and file yourself.  

Follow the link below for more information on how to do this:

https://www.gov.uk/self-assessment-tax-returns/sending-return

 

The advantages of an accountant tax return service are:

  • Your tax return is done by an expert qualified accountants  
  • Better chance of claiming various reliefs and allowances 
  • 100% guaranteed to be error free. 
  • You get valuable advice when you need it. 
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All content on our website is intended for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances.

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