Self Assessment Accountants

When Is A Self-Assessment Tax Return Service Required?

For many people, completing a personal tax return, whether on paper or online, can be a difficult task. Britain has some of the most complicated tax laws in the world, and the rules are constantly changing in response to the state of the economy and the introduction of new measures by the government at seemingly regular intervals.

If you meet any of the following criteria, you will need to complete a self-assessment tax return annually:

• If you are self-employed or receive dividends from a limited company
• If you receive income from any streams other than employment, which includes investments, untaxed savings, property, overseas earnings and asset giveaways
• If your household receives child benefits but has a combined income of over £50,000
• If you have worked or lived abroad
• If you have earned above £12,570 through self-employed work solely

Self-Assessment Tax Return Deadlines

There are a few dates to be mindful of with self-assessments which is another reason that working with an accounting professional is a good idea.

The self-assessment accounting year runs from April 6th to the following April 5th. Submission deadline for accounts completed is January 31st for online returns and October 31st for paper returns. This means for 23/24 taxes; those dates are applicable. Payments on account self-assessment are also calculated at this time, with a balancing fee due across the payment dates. This means that payments are due in both January and July of a tax year. Your accountant will be able to advise you of these costs and help you to find the final determination that HMRC makes about the amount due.

Self-Assessment Penalties

Should the self-assessment be submitted late, you will be liable for a fine. This starts from being 1 day late, which is an automatic £100, to being 12 months late, which equates to a percentage of your tax bill.

HMRC also issues fines for paying a tax bill late and also making mistakes on your return, making it even more vital to ensure a submission is correct.

The Struggles Of Submitting A Self-Assessment Tax Return

Keeping Track Of Relevant Information

Managing a self-assessment tax return involves collating together lots of data including earnings, expenses and account information. Knowing what you need to keep in good shape during a financial year can be tough but working with an accountant means your finger can be kept on the pulse of responsibilities at all times.

Understanding Tax Rules

There are also many different tax rules that are also constantly changing. You will need to understand what legislation applies to you and also keep up to date with the UK’s ever-changing financial landscape. When working with an accounting professional, you don’t need to worry about this as the team will provide you with any updates relevant to your accounts.

Time Required To Manage A Return

It is not just the time needed to stay on top of tax information but also the time it takes to compile a tax return. When you work with an accounting professional, all you need to do is take care to provide all relevant income and expenses then the rest is managed for you.
Hysons, Chartered Accountants will assist you in meeting deadlines, reducing liabilities, and dealing with your tax obligations in the most efficient and cost-effective manner possible as successive budgets add layers of complexity to the tax system.

Hysons, Your Self-Assessment Tax Return Accountants In Andover

Offering self assessment tax return services, at Hysons, Chartered Accountants, we thrive off seeing our clients succeed. We have the knowledge and resources to handle the forms and compliance aspects of Self Assessment. On offer is practical advice about your personal tax situation and support with the planning options available to you.
Our expert team also prepares your tax returns, calculate your tax liability, and notify you when payments are due.

Get in touch today if you want to work with a self-assessment tax accountant who can add a professional side to your personal finances.