Ask the self-employed which task they dread the most and there’s a good chance they’ll say completing their self assessment tax return. It’s time consuming, requires accurate record-keeping and some fairly tough calculations. For many people, this can lead to a considerable amount of stress.
Get it wrong or fail to submit it on time and HMRC could hit you with some pretty stiff penalties.
A self assessment tax return is intended to provide an accurate representation of a person’s income over a single financial year. Running from the 6th April to 5th April, it’s a form that many UK tax payers must submit to HMRC setting out exactly what they’ve earned during that period and from which sources.
But who actually needs to complete one? Well, it’s not limited to the self-employed, that’s for sure. If you…
- Are a director of a limited company
- Are a higher income earner (i.e. you fall into the 40% tax band)
- Work through the Construction Industry Scheme (CIS)
- Receive income from land or property in the UK
- Are a trustee or personal representative or non-resident company landlord
- Have more than one source of income (i.e. multiple jobs or a side job)
- Receive an income from investments (dividends) or a pension
… there’s a good chance that you may be legally obliged to submit a personal tax return. Even if you don’t fall into any of the categories listed above, HMRC are entitled to request a self assessment tax return from any UK tax payer.
Why choose Phil Owen & Co.?
Whilst some may possess the confidence to complete their return themselves, others may lack the time, experience or even the patience required. For those looking to relieve themselves of the burden, Phil Owen & Co. offer a dedicated self-assessment tax return submission service, providing absolute peace of mind and guaranteeing to get your return lodged on time.
Not only will we complete and submit your return on your behalf, we’ll also help pinpoint any tax savings that can be made, guaranteeing to maximise your tax efficiency.
To take the stress out of your self assessment tax return, begin with a free consultation. You can visit our Liverpool HQ or we’ll come to you. Get in touch today.