Self-Assessment involves completing a tax return in order to tell HMRC about your income and capital gains or to claim tax allowances or reliefs against your tax bill. The HMRC use these figures on the tax return to work out your tax bill. Most people with income that isn’t generated through standard employment (PAYE) will need to complete a self-assessment return.
This can mean income from things such as;
- Online trading (eBay etc.)
- Rental properties
- Income from savings and investments
- Capital gains
- PAYE income of £50,000 or more
- Other untaxed income of more than £2,500
Anyone who acts as a company director, is part of a partnership or is a minister of religion will also need to complete a self-assessment return. The self-assessment regime can be confusing and getting it wrong can cause problems in the future or even penalties from HMRC.
How we can help?
SM Accountants are self-assessment specialists and we can guide you through the process. We will be able to tell you whether you are affected, what records you need to keep and what things you can do to reduce your tax bill.
Once we have your records at the end of the year, we will be able to produce your figures for you to submit or we can submit these on your behalf and act as your agent.
In short, we’re able to take the whole headache away!
Call us now
If you’d like to find out more about how we can help you with your self assessment, or even if you are unsure whether this applies to you then call us now for a free, no-obligation conversation – it may be the best call you make today!
