Our systems are highly automated and we are able to remove a large amount of the pain once the basic details have been extracted. Such details are kept on our secure database. We automatically calculate how much the tax liability or refund will amount to. Each client receives a clear concise calculation together with a copy of their tax return.
INTRODUCTION TO SELF ASSESSMENT
Self Assessment involves completing an online or paper tax return in order to tell us about your income and capital gains (profits on the sale of certain assets), or to claim tax allowances or reliefs against your tax bill. We use the figures on the tax return to work out your tax bill, or you can work it out yourself.
There are different types of tax return and different ‘supplementary pages’ you may need to complete depending on your circumstances. There are also deadlines for sending your tax return in – and penalties and interest charges if it arrives late.
WHO NEEDS TO COMPLETE A SELF ASSESSMENT TAX RETURN?
If you pay tax on your earnings or pensions through PAYE (Pay As You Earn) your employer or pension provider deducts tax on our behalf and you won’t usually need to complete a tax return. In these cases we’ll normally also ask them to use the PAYE system to deduct any tax you may owe on a State Pension or other taxable income (eg investment or rental income) up to a certain level.
But if you have more complicated tax affairs you may need to complete a tax return. There are also certain circumstances in which you will always need to complete a tax return – for example if you’re self-employed, a company director or a trustee or if you have foreign income.
Please contact us on 0207 328 8338 for a friendly and informal discussion of your requirements.