Self-Assessment Tax Return Services
From expert accountants based in London
Personal Tax or more popularly known as self-assessment tax, is a system HMRC uses to collect Income Tax.
Tax is usually automatically deducted from wages, pensions and savings. People and businesses with other income must report it in a tax return.
We specialize in Self-assessment tax returns and can make this process extremely quick and easy for you.
FAQ about self-assessment tax returns
Self-assessment tax returns are required by HMRC. This process informs them about your taxable income and gains for a particular tax year. Part of the process requires computations that indicate the amount you owe.
It depends on each individuals’ circumstances. However, you must complete a self-assessment tax return if you are in one of the following categories:
- You have rented a property and have earned more than £2500 in rent.
- You or your partner has received, child benefits and one of you was earning more than £50k.
- You have received tips or commission of over £2500.
- If you are a sole trader and have earned more than £1000.
- You claimed expenses in excess of £2500 as an employee.
- Your annual income is over £100000
- You receive some income from abroad
After you submitted your tax return and you think you had made a mistake, you can still amend your error. For example, if you made a mistake for the tax year 2020-2021, you have time until the 31st of Jan 2023 to notify HMRC.
If you failed to notify HMRC, then HMRC has the right to investigate your business. If they find out that you have incorrectly submitted your tax return, they may charge the difference. In the worst-case scenario, they may even place a penalty to pay along with your overdue tax.
We are experts at EvoTax and will make sure your tax returns are submitted with utmost care and diligence, leaving you with peace of mind and more time with your family. We only charge £75 for self-assessment tax returns.
To find out more, please book your free consultation now.
You are obliged to send a tax return if, in the tax year (6th of April to 5th of April), you were:
- Self Employed as a ‘Sole trader’ and you earned more than £1000.00 as your Gross income.
- If you were a partner in a business.
It will also be a requirement if you have any additional income other than your employment. These are often referred to as untaxed income, such as:
- Money from renting out a property
- Tips and commission
- Income from savings, investments and individuals
- Foreign income
You may also need to send in a tax return if you have been claiming child benefits, and your income was over £50,000, or you have recently become a director of a company.
It is also worth emphasizing that you may get alerted by HMRC via email or post that you have required a tax return. However, if you are concerned you haven’t received a notice and you think you might need to file a tax return, you can check here https://www.gov.uk/check-if-you-need-tax-return. Alternatively, you can ask us, and we will be happy to assist.
We accept that it’s free to submit tax returns on HMRC’s website. However, mistakes can happen, and when they do, they can cost you dearly.
You can do lots of things on your own, but you chose to get them done by someone professional. When was the last time you cut your hair? If the answer is never, then why would you risk your business?
Our experts here at EvoTax only charge £75. This is paid only once a year, and once it’s done, you won’t have to worry about it for the rest of the year. We will ensure that your tax returns have been done by a professional and submitted properly. It will also give you some more time with your family.
Once it has been confirmed that you are required a self-assessment tax return, you must head on to https://www.gov.uk/register-for-self-assessment. You must make sure you are registered by the 5th of October following the end of the tax year in which the income or gains first arose. Failure to do so may cause penalties.
If you require assistance in registering for self-assessment, feel free to get in touch. We will be more than happy to assist you.
Tax returns are due by 31st of Jan from the end of your tax year. Therefore, if you were registered as self-employed between 06 April 2019 and 5th April 2020 – the deadline for filing your tax returns would be on the 31st of Jan 2020.
There is a late filing penalty of a £100 if your tax return is up to 3 months late. There can be an incremental increase in penalties as it gets late. There will also be interest charged on late payments.
HMRC has made it a relatively easy process for you to pay your self-assessment. There are options to pay via direct debit, cheque, instalments, etc.
Self-assessments can be stressful, and not making the deadlines causes even more stress. Let yourself worry about what you do best, and we will take care of what we do best.
Our processes are streamlined and dealt with by experts.
Once we have met you and have a good idea about how your business operates and looked at your accounts. We will collate all the information together in annual accounts format and fill out your tax return. Once completed, we will send this over to you for your approval. After which, we will file this electronically, and that’s it. Pretty straight forward.