Self-Assessment Tax Returns
HM Revenue & Customs may require you complete a tax return for a variety of reasons on the underlying principle that for UK residents tax is chargeable and payable on your worldwide income.
The system of self-assessment was introduced in 1997 shifting the burden of disclosing income to you the tax payer. In one stroke the responsibility is shifted to the individual to declare accurately what they should or should not pay tax on.
Broadly speaking you will need to complete a tax return if you have income that has not been taxed as source. This usually means the following:-
- Income from business interests
- Benefits in Kind received in the course of you Employment
- Rental income from property
- Investment & Savings income
- Capital Gains on transactions of a capital nature
- Income above £50,000
This is not an exhaustive list and there may be circumstances where you may want to complete a tax return to reclaim tax back, for example:-
- Various employments where you may have overpaid tax
- Tax deducted due to CIS Deductions
- Made Gift Aid & Allowable charitable donations
- Made private contributions to a pension
Whatever your circumstances, Gower Accountancy will guide you to ensure you are compliant. Our self assessment accountants in Leicester will ensure that you are tax efficient and we are always happy to address any concerns you might have in declaring your income on a tax return.
With many years of advising on self assessment returns in Leicester, our tax experts ensure that no stone is left unturned when trying to maximise your profit whilst paying the minimum amount of tax. On using our self assessment returns service you will expect to receive the following :-
- Full financial review of your circumstances
- Business Site visit (if required)
- Online & Paper Based Financial Accounts
- Online & Paper Tax Return
- Online filing of your Tax Return
- Accounts Prepared by a suitable qualified accountant
- Accounts that are sufficient for mortgage & loan applications
The deadline to file your self assessment returns are the 31st January following the 5th April. For example your Accounting Year may run from 1st January to 31st December, but your tax return will need to be filed on paper by 31st October or online by 31st January the following year.
The biggest advantage to preparing your accounts sooner rather than later is the fact you will know how much your tax bill is and how much you payments on accounts will be.
With rates starting from £75 plus not only is a professional service guaranteed you can be sure you are getting good value for money.
To take advantage of our self assessment advice in Leicester or to arrange a free 30 minute consultation, contact Gower Accountants today on 0116 220 6019.