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, producing a self-assessment every year is required by the HMRC to make sure that your taxes are calculated correctly. As an extensive and detailed report, 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.
With many self assessment tax returns filled out incorrectly, it is clear that most people are either rushing what they do or are just not 100% sure how to complete the form itself. We will particularly pay attention to details and to your circumstances when filling self assessment tax return.
IMPORTANT POINTS FOR SELF ASSESSMENT TAX RETURNS
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. So how can the process be less challenging?
Registering Early : Registering in good time with HMRC means that you’ll be issued with your UTR (Unique Taxpayer Reference) which is essential to submit your tax return. As it takes several days to receive your UTR once you have registered with HMRC this could be a problem if you leave it to close to the deadline. Registering late puts you at risk of being penalised for missing the date.
Have Essential Items Ready : There are a number of key documents that you will need to hand if you are intending to complete a self assessment tax return on your own, including:
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.