The UK has one of the most complex personal tax code systems in the world. This can make preparing even the most straight forward tax return seem very complicated. There are a number of key deadlines and responsibilities for taxpayers to be aware of.
You will need to complete a personal tax return if:
- You are self-employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- Your household receives Child Benefit and income exceeds £50,000
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You have lived or worked abroad or are not domiciled in the UK
- You are notified of a requirement to do so by HMRC
HMRC staff are not tasked to advise you on how to organise your affairs or minimise your tax. If you want to make sure you are paying the right amount of tax, you should consult a professional.
At Onyx Accountants and Business Advisors we use HMRC approved software to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.
This process helps to minimise your risk of a HMRC enquiry into your tax affairs. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HMRC on your behalf.
By using Onyx Accountants and Business Advisors to undertake your personal self-assessment and tax return you eliminate the worry which allows you to concentrate on running your business.