Self Assessment

self assessment

 

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Many taxpayers struggle to understand the complex tax returns, tax calculation and complete them correctly. we can analyse your self-assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.

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

We can act as your agent, dealing directly with the HM Revenue and Customs on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

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We can provide a complete explanation of your accounts so that you can better understand how you can meet your financial goals and future plan”

The Self Assessment Tax Return and tax calculation is a new online resource. HMRC has launched to enable you to view and make changes to your information online. It is intended that you will be able to manage your tax affairs through the account rather than phoning or writing to HMRC.

The self assessment cycle

Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April (thanks to the switch from the Julian to the Gregorian calendar in 1752), so 2021/22 runs from 6 April 2021 to 5 April 2022. Tax returns are issued to all those whom HMRC are aware need a return including all those who are self-employed or company directors. Those individuals who complete returns online are sent a notice advising them that a tax return is due. If a taxpayer is not issued with a tax return but has tax due, they should notify HMRC who may then issue a return.

A taxpayer has normally been required to file his tax return by 31 January following the end of the fiscal year. The 2021/22 return must be filed by 31 October 2022 if submitted in ‘paper’ format. Returns submitted after this date must be filed online otherwise penalties will apply.