Tax Return ServicesWhen it comes to filing your tax return you could do it yourself, even though that way doesn't cost you anything but it does have certain drawbacks and practical difficulties. Well now there's another option, we're here to provide with complete self assessment tax return services. Our tax return service is easy, hassle free and worth a cost.
|Do it Yourself for Free||Tax return Services – at £ 75|
|Confusing||Dedicated Tax Expert|
|Time Consuming||Real time service to provide hands on information|
|No help and support||Guidance and assistance over phone and email|
|Inaccuracy||Specialists in tax return for individuals|
|Stressful||Available outside regular hours|
Benifacts Tax Guide:The tax year in the UK starts on 6 April and ends on the 5 April each year.
A Self Assessment is a compulsory Tax Return issued by HMRC after the end of the financial year (5th April). This Return is a declaration of your earnings throughout the financial year.
When completed we will send the Return to you to confirm that it is complete and correct. In addition we will advise you of your liabilities to tax and NIC. Following receipt of your confirmation that the Return is complete and correct we will submit the Return to HMRC online. HMRC will in turn send us confirmation that the Return has been received.
The Return and any payment of tax must be made on or before 31st January each year. Automatic penalties and interest will be charged for late payment. A 5% surcharge will apply if the payment is made after 28th February. If the payment is made after 31st August another 5% surcharge will be levied.
If HMRC send you a Return and you fail to send it back at some later stage they will issue a determination of the tax due. This is an estimate of the tax they think you owe. Only the submission of the Return can overturn the tax in charge.
HMRC have 12 months from the date of receipt of the Return to conduct an enquiry to check that the Return is complete and correct. Penalties of up to 100% of the tax lost are charged for the submission of incorrect Returns together with interest.
As a self-employed individual you have to pay Class 2 NIC of (currently) £2.75 (2014/15) a week; unless your profit for the year is below the Earnings Threshold. In such cases you can apply for exemption. Please ask us to send you the form to apply for exemption.
Who Needs To Do A Self Assessment?
- A Director of a Limited Company (although not in every case)
- A Self Employed individual
- A person working through the Construction Industry Scheme (CIS)
- A higher income earner (fall in the 40% tax band)
- Pensioners with complex tax affairs
- Individuals who receive income from land or property in the UK
- A Trustee or Personal Representative
- Non-resident landlord
Information Required to Complete Self AssessmentPAYE or Company Directors
- P45 – this contains details about your income and tax paid during a permanent position. If you leave your job during the tax year, your employer will issue you with the P45. You should keep part 1A of this form.
- P60 – this contains details about your income and tax. Your employer should give you this by 31 May after the end of the tax year (if you were in your job at 5 April).
- P11D – this contains details of your reimbursed/taxable expenses and benefits in kind. Your employer should give you this by 6 July after the end of the tax year (if you were in your job at 5 April).
- If you have received dividends, copies of your dividend certificates or records of your net dividends received
- CIS Vouchers, pay slips or a proof of income – the vouchers need to be originals as they are sent off to HMRC together with the Tax Return.
- Business expenses information, in order to calculate your tax liability. We can advise you on what business expenses and capital allowances that you can claim.
Land and Property Owners
- Bank Statements showing us how much rent is paid to you each month or a copy of your lease agreement.
- Expenses relating to your property rental. You will need to keep receipts for all your expenses in case HMRC request them. E.g. repairs done to the property, interest on your mortgage, legal and professional costs.
Who we help:If you need an accountant to complete your tax return then we can help you. We have tax experts who can review your tax saving position and file your return directly with HMRC
We file the returns and do self assessment for:
- Individual Contractors
- Self Employed
- CIS Contractors
- Limited Companies
Call us today on 0203 519 2121 or complete our enquiry form in order to book a FREE initial consultation