Self assessment can be a stressful task for anyone who is self employed or who runs a company. As deadlines approach it can be a worrying time, ensuring that everything is completed accurately and in a timely manner.
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Completing self assessment tax forms is a long task and something that fills many people with dread. However, whether you operate as a partnership, are a sole trader, company director, self-employed or a private client, filling a self-assessment every year is required by the HMRC to make sure that your taxes are calculated correctly. It can often be difficult to complete and can take a considerable amount of time if you don’t have all the information to hand, and that’s where the professional team at The Accountancy Solutions can help.
Self Assessment Tax Help
As Certified Accountants and Tax Advisers, we have lost count of the number of self assessment tax forms that we have completed for our clients in Birmingham and London over the years, so let us help reduce your year-end worries. Knowing what to include, how much detail to go into and how to calculate your finances can be a complex task and with the strict guidelines presented by the HMRC, there is a significant pressure to get your self-assessment tax form right. There are stringent deadlines in place that everyone must conform to and it is vital that your tax return is completed in full and submitted to the HMRC by these deadlines if you want to avoid late-payment penalties that can increase the longer you go without submitting the form.
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Self Assessment Tax
Frequently Asked Questions
Most frequent questions and answers
Yes you can. Most of our clients who are small bsuiness , we setup an automated software for them to do their book keeping. We only need the records at the end of each period for compliance.
It would take only 10-15 minuites to populate a spread sheet each day to enter data of your daily expenses. You can also take picture of reciepts and save it in a secured drive. Or you can use a software like Reciept bank.
Our charges are depend on amount of time we will spend on yor book keeping. Most of the time and because of availability of online and IT tools we advice clients to scan their record to save time and money.
We will not advice to do your book keeping on annual basis. There are many reasons and the major reason is you will find it hard to analyse and store records for the whole year if left to the end of the year.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.