Changes to the way in which self assessment penalties are issued could mean that taxpayers risk incurring significant fines by failing to complete returns with accuracy or on time.
Some reasons why you may need to file a self assessment tax return:
- You have self employed income as a sole trader and earned more that £1000 (before taking off anything you can claim tax relief on)
- You are a partner in a business partnership
- You are a company director
- If you received money from renting out property or land
- If you received tips and commissions
- If you have income from savings, investments and dividends
- If you received foreign income
- If you are earing more than £100,000 per year
- If you want to prove that you are self employed, for example to claim Tax-Free Childcare or Maternity Allowance
- If you get Child Benefit and your income (or your partner’s if you have one) was over £50,000
- You have lived or word abroad or are not domiciled in the UK
Bolton Tax Accountants’ knowledgeable team can help you in the efficient preparation of your self assessment tax returns. We will carry out the necessary calculations, complete the return and file it with HMRC in a timely manner.
The staff at HMRC are not there to advise you on how to organise your tax affairs or minimise your tax, so to make sure you are paying the right amount of tax and making use of all allowance reliefs, you should consult a professional.
We can advise you on any potential tax saving opportunities and review your tax return to spot any potential anomalies.
If you are experiencing any short term cashflow issues, then we can explore the possibility of deferring your tax payment or negotiating a payment plan with HMRC on your behalf.
We will deal with the HMRC on your behalf and act for you in any meetings, should you find yourself subject to a self assessment enquiry.
To learn more, please get in touch with us today.