Filling in a self assessment tax return can be complicated and time-consuming. If you have queries, you could find it hard to get the information you need and end up having to wait for a long time on the phone to speak to someone at HMRC.
Fortunately, Orwell Accountants, who are locally based in Ipswich, can give you expert advice and file your self-assessment tax return on your behalf, making sure you meet the deadlines and pay the correct amount.
Various people have to fill in returns, including:
This also applies if you have a job where your wages are taxed on PAYE, but also do freelance or self-employed work. If you are self employed, it is possible to claim various allowable expenses against tax, including office and travel costs, but you have to keep proper records. We can advise you on this and fill in your self employed tax return on your behalf.
Company directors normally have to file tax returns, which show both their salary and any dividend payments they have received. Members of business partnerships and LLPs are also required to provide their own individual returns, as well as a partnership return.
If you have untaxed savings or investment income, or taxed savings over a set amount, you will need to register. This will also usually be required if you have income from letting out a property.
If you are a higher rate or additional taxpayer and receive dividends on shares, you need to file a return.
If either you or your partner has an income of £50,000 or over and you claim child benefit, then you need to declare this via self assessment.
There are also various other reasons for having to fill in a tax return. These include if you have spent time working overseas, are receiving income from abroad or you have either sold or given away an asset, such as shares in a company or a holiday property.
Returns cover a number of different areas, with individuals being expected to fill in the sections applicable to them. You will normally need to provide details including your salary, any benefits in kind such as company car and private medical insurance, savings and pensions income and money received from rentals, as well as any payments to charity where Gift Aid has been claimed.
We can complete your tax return on your behalf and answer any questions you may have on it, ensuring compliance and filing it with HMRC by the correct date. Often the wording on the forms can be confusing, but we can answer any questions you may have.
Our service includes calculating how much income tax you owe and letting you know when you need to pay it. We can also advise you over whether Capital Gains Tax is payable.
Another important element to think about is tax planning, and how to avoid paying more than you should. We can help you to take an overview of this and also look at whether you are claiming all the tax reliefs relevant to you.
Tax is something that causes many people concern and takes a lot of time. But if you get Orwell to help you with your self assessment tax return, it will remove the worry and all the paperwork, and will mean you can be confident you have complied with all the HMRC rules.
