Self-Assessment Tax Return

According to UK Tax law, if you are not an employee, which means you receive the gross income without any tax or NI deduction, you have to register with HMRC as Self-employed and submit your self-assessment on the yearly basis. If you do not, you could receive a penalty from HMRC plus interest on unpaid taxes/NI.

We at Numerate Accountants ensure that such a situation never occurs for you, that is why would take you to the recommended route i.e. registering with HMRC and keeping your accounts and taxes up to date. 

WHO NEEDS TO SUBMIT THE SELF-ASSESSMENT TAX RETURN:

If you fall into any of the following categories then you are responsible for submitting a Self Assessment Tax Return form to HMRC.

• Income from self-employment

• Rental Income

• Foreign Income earner

• Company directors or higher tax payers

• Other income received where no tax has been deducted

HMRC PAPER FILING VS ONLINE FILING:

The deadline for paper filing for a self-assessment tax return is 31 October every year and the online filing deadline is next 31 Janaury. If you submit tax return yourself, you need access to HMRC government gateway account. In order to get access HMRC sends a code in post to you. This process can sometimes be overwhelming for some clients. AT Numerate Accountants, we will smooth out this process for you and can help you complete your self-assessment on time. 

AT Numerate accountants, we make the whole process of self-assessment tax return extremely easy for our clients. We will ask you to tell us all your income sources and then after compiling them together, we would deduct the list of expenses which you will also provide to us. This would give us the Net profit. The rest of the process is the computation of relevant Taxes and NI which we will do for you and once the work is completed, you will be sent a final draft of account and tax computations. 

Our services include:

• Self-Assessment Tax Return

• Income Tax Computation

• Provide constant support to you along the way. 

If you want to discuss this topic further, please contact NUMERATE ACCOUNTANTS at 07765838151.