Self Assessment Tax Accountants

Working with a self-assessment accountant allows you to understand the ever changing tax legislation and your income tax liabilities while maintaining tax efficiencies.

It is important that you adhere to the self-assessment deadlines. If you fail to do so, HMRC will impose penalties on late submissions and payments, which is something you will want to avoid.

As one would expect from a reputable firm of chartered accountants, our self-assessment tax return service is designed to provide you with the guidance and insight you need.

We will ensure that your tax returns are submitted to HMRC on time and with the utmost care. The last thing you want is a fine or, even worse, a tax investigation. Don’t worry, we will make sure that this doesn’t happen.

Understanding your affairs

What sets us apart is our genuine interest in you and your financial situation. We take the time to understand what matters most to you and tailor our services and advice accordingly. Our goal is to ensure that your financial management is as tax efficient as possible, optimising your tax planning for long-term savings.

We work on a fixed fee basis and will provide you with a quote once we have understood your individual situation and requirements.

Self-assessment accountants for every situation

There are a number of criteria that determine whether you need to submit a self-assessment tax return, and you will need to complete one if you:

• are self-employed
• have an annual income of more than £100,000, or if you or your partner claim child benefit and either of you has an annual income of more than £50,000
• have buy-to-let properties
• receive income from savings and investments of more than £10,000
• receive income from abroad
• receive income from an estate or trust
• have sold an asset, incurring capital gains tax.

Whatever your personal tax needs, we are here to help.

We have a network of trusted professionals who can provide introductions for help in the following areas:

• personal financial planning
• retirement planning
• legal services, including conveyancing, will preparation, and power of attorney

Who Needs to Complete a Self-Assessment Tax Return?

Not everyone is required to complete a self-assessment tax return. However, if you are self-employed, a company director, or have income from various sources such as rental properties, investments, or capital gains, you may need to complete a self-assessment return. You may also need to complete a tax return if your income exceeds a certain threshold or if you have claimed child benefit. Our team of accountants are here to help you determine whether you need to complete a self-assessment tax return and to guide you through the process.

Why Use a Self-Assessment Accountant?

There are many benefits to hiring a self-assessment accountant, including:

• Accurate and timely tax returns: By hiring a specialist tax return accountant, you can be sure that your tax return is accurate and submitted on time, avoiding any penalties or fines.

• Tax efficiency: We can help you identify tax reliefs and allowances for which you may be eligible, minimising your tax liability and maximising your tax efficiency.

• Peace of mind: By leaving your tax needs in our hands, you can focus on running your business or personal affairs, knowing that your tax affairs are in good hands.

• Expert guidance: Our team of accountants is well-versed in the latest tax legislation and can offer expert advice on all aspects of self-assessment tax returns.

Challenges of Completing Your Own Tax Return

Completing your own tax return can be a challenging and time-consuming process, especially if you are not familiar with tax legislation or have complex financial affairs. Some of the challenges you may face include:

• Understanding tax legislation: The ever-changing nature of tax laws and regulations can make it difficult to stay up to date with the latest requirements and accurately calculate your tax liability.
• Identifying tax reliefs: Without specialist knowledge, you may miss out on tax reliefs and allowances that you are entitled to.
• Avoiding errors: Errors on your personal tax returns can result in penalties and fines, which can be costly and time-consuming to rectify.
• Meeting deadlines: Failure to meet deadlines can result in penalties and fines, a situation easily avoided by hiring a self-assessment accountant.

If we sound like the type of tax advisers you would like to work with, please look at our client testimonials. We pride ourselves on our close working relationships with every client, meaning we’ll be more than happy to help you too.

We will be thrilled to assist you with your personal tax requirements, and please feel free to telephone us on 01273 701200 or email info@plusaccounting.co.uk. Alternatively, you can visit our contact us page to arrange an initial conversation.