The term ‘self-assessment’ does not mean that you have to work alone. Many taxpayers struggle to understand the complex tax returns and complete them correctly. Self-assessment started in 1997 and in the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time. Some 400,000 people incurred further penalties because their returns were still outstanding six months later!
The constant changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
We can save you a lot of time, worry, and money by handling your self-assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.
We can act as your agent, dealing directly with the HM Revenue & Customs on your behalf and, should you be selected for a self-assessment enquiry, act for you at any meetings.
The following people usually have to complete a self-assessment tax return but this is not an exhaustive list.
- Anyone who is self-employed;
- A company director;
- A trustee;
- Pensioners with an annual income of £100,000 or more;
- Employees or pensioners with an annual income from savings or investments of £10,000 or more;
- An employee or pensioner with untaxed annual income of £2,500 or more;
- A landlord who rents out property or land.