SELF ASSESSMENT

Being self-employed in the UK means you have a legal requirement to submit a UK tax return to HM Revenue and Customs (HMRC) for every tax year that you are self employed.

However, the requirement to complete a UK tax return is not only limited to individuals who are self-employed. A brief summary of other reasons why you may be required by law to complete a UK self assessment tax return are:

• You are in receipt of any form of rental income
• You receive any foreign income that may taxable in the UK
• You have incurred and are eligible to claim “allowable” employment expenses of more than £2,500
• You are a Company Director
• You earn more than £50,000 and you or your partner claims Child Benefit
• Your total annual income from all sources is more than £100,000
• You are in receipt of substantial investment income (more than £10,000 annually)

It Is Important your tax return is submitted on time, as if these filing deadlines are missed you will be subject to strict HMRC late filing penalties.

Contact us today for a no-obligation quote.

In the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time, and some 400,000 incurred further penalties because their returns were still outstanding six months later.

The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.

We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.