If the thought of filling out a Self Assessment tax return fills you with dread, then you are not alone! Many people fear the time that the form is due and often procrastinate for months in the hope that it will go away! It comes as no surprise that over 1 million people are fined every year for missing the HMRC deadline for their Self Assessment returned forms.
But we’re here to tell you that completing a Self Assessment is not that bad and really shouldn’t be a problem for most people. The key comes down to being organised, if you’ve got that box checked, then you’re on the right path.
However, we know that when it comes to small businesses and self-employed individuals who are trying to do everything on their own with very little resource to help, it can often be a struggle to keep everything in order. Using an accountant to manage the process for you will not only benefit you time-wise but it will also give you peace of mind that your accounts are in good order.
Who has to complete a tax return?
These are the most common groups of people that are required to complete and return a self assessment:
- You are self-employed or are a partner in a partnership
- You are a company director
- Your income from savings or investments were £10,000 before tax
- Your income from dividends were £10,000 before tax
- You own land or property that is being let
- You have income from overseas
- Your income (or partners) was over £50,000 and you claimed Child Benefit
- Your taxable income was over £100,000
- You received £2,500 or more in untaxed income
- You lived abroad but had a UK income
How can an accountant help?
An accountant is there to help in the whole process of completing a tax return. With HMRC approved software for accountants, it is now even easier to ensure that forms are processed accurately and on time. From collating your accounts to submitting the form, an accountant will manage the process for you.
How does the process work?
The process would usually begin with a simple questionnaire detailing the key points that are required from the form. Once received, the accountant will be in touch to ask for any further information that they may require and to discuss anything if you have a more complex business.
Following on from this, the accountant will complete all the details on the form on your behalf, send to you for approval, and then once approved, will submit directly to HMRC. Once HMRC have received your tax return, they will inform you of any tax owed or issue you with a rebate.
Life is too short to be worrying about your Self Assessment tax return. With years of experience and the uniqueness of an established accountancy company, you can be assured that your tax affairs will be looked after and you will meet the deadlines that HMRC set out, avoiding any necessary mistakes and penalties.
It’s never too early to start preparing for your tax return, in fact, the earlier the better! If you’re looking for someone to take the pressure away from you so you can focus on the aspects of your business that you do enjoy, we’d love to chat with you. Feel free to get in touch to speak with one of friendly team members who would be happy to help.