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Self-assessment tax returns can often be daunting, but with our expertise and personalised approach, we strive to simplify the process for our clients. Whether you’re a sole trader, freelancer, landlord, or simply need assistance with your personal tax affairs, our team of experienced professionals is here to provide tailored solutions to meet your needs.
In the UK, self-assessment is the method by which HMRC collects income tax from individuals who aren’t taxed at source through PAYE. This includes self-employed individuals, landlords, and those with additional income sources. Taxpayers are required to report their income, gains, and other financial details annually via a self-assessment tax return. This process spans the tax year from April 6th to April 5th of the following year, with the deadline for submission typically falling on January 31st. Failure to meet this deadline can result in penalties and fines.
Navigating the complexities of self-assessment can be daunting, often requiring a comprehensive understanding of tax laws and regulations. At HHM Chartered Accountants, we specialise in guiding individuals through the self-assessment process. From assisting with income calculations to ensuring accurate reporting and timely submission, our experienced team simplifies the process and ensures compliance. We strive to alleviate the stress associated with self-assessment, allowing our clients to focus on their core priorities while we handle their tax obligations with efficiency and expertise.
For businesses, freelancers, and professionals ensuring precise and timely financial record-keeping.
Tailored solutions for sole traders, Ltd Companies, and freelancers, ensuring financial clarity and compliance.
For individuals, sole traders, and partnerships: simplifying your income reporting to HMRC with expertise and precision.
Expert tax solutions for limited companies, ensuring compliance and optimised tax strategies.
Managing employee wages and benefits for businesses of all sizes, from startups to established firms.
Guiding businesses in accurate VAT return submissions, ensuring compliance and maximizing claims.
Crafting strategic roadmaps for startups, entrepreneurs, and established businesses to drive financial growth.
For individuals and enterprises with global earnings, navigating UK tax obligations.
Expert guidance for individuals and businesses on capital gains tax compliance and optimization.
Think of us as your financial buddies. We’re here to guide you, making sure you save money while always obeying by the rules. With our UK tax return accountant help, not only can you reduce your current tax bill, but we also plan for your future, ensuring lasting savings.
Self Assessment is required for self-employed individuals, company directors, those with rental income, and others with complex tax situations. It’s important to assess your specific circumstances to determine if you need to file.
The deadline for online submissions is typically January 31st after the end of the tax year. For paper submissions, it’s usually earlier, around October 31st.
Missing the deadline can result in penalties and interest charges. It’s crucial to file and pay on time to avoid these financial consequences.
Yes, you can claim legitimate expenses and deductions related to your income sources to reduce your tax liability. Keeping accurate records is essential for this process.
HHM provides expert guidance, ensuring accurate tax returns, compliance with HMRC regulations, and optimising tax efficiency for individuals and businesses subject to Self Assessment. Our professional services alleviate the burden of tax reporting and ensure peace of mind.
If you’re new to Self Assessment, the first step is to obtain a ten-digit Unique Taxpayer Reference (UTR) code. Please note that it can take some time for HMRC to send you this code, so be sure to plan ahead to meet the filing deadline. HMRC recommends allowing at least 20 working days to receive your UTR.
Once you have your UTR, you can create your GOV.UK gateway account, which serves as the platform for preparing and submitting your Self Assessment return. It’s typically required to register for self assessment with HMRC by October 5 following the end of the tax year in which the income or gains first occurred to avoid potential penalties.
It’s essential to stay vigilant, especially during periods when scammers are active. Unfortunately, many fraudsters use various channels like phone calls, emails, and text messages to deceive taxpayers. These fraudulent messages may falsely claim that individuals are owed a tax refund and ask for personal and account details to process it.
Please be aware that HMRC will exclusively inform individuals about tax refunds through postal mail or, in some cases, via their employers. You should never expect to receive an email, text message, phone call, or voicemail from HMRC regarding tax refunds, penalties, or requests for personal or payment information. Always exercise caution and verify the authenticity of such communications to protect yourself from potential scams.
HHM’s fees for managing your Self Assessment tax will vary depending on the complexity of your tax situation and the services required. It’s best to contact HHM directly to discuss your specific needs and obtain a personalised quote. Our team will work with you to ensure that the cost aligns with the services you require for accurate and compliant tax reporting.
