Help with your self assessment
Completing your own online self assessment tax return is no easy task. But we are here to help.
At TLC Accounts, our mission is to liberate you from time spent keeping track of numbers. And that includes doing your self assessment.
You know that if you’re self-employed, or a director of a company, or receive any other non-taxed income, you’ll need to file a self assessment tax return.
You also need to prepare and lodge your tax return within the filing deadlines to prevent costly penalties. We always say, start early!
However all you need to do is send us the relevant documents proving your income and expenditure, and we do the hard part for you.
Self assessment help
Our personalised and trusted service gives you the confidence that your annual tax returns are in safe hands.
The self assessment system has specific deadlines and requirements to meet – and painful penalties for failing to meet them.
It can often be unclear exactly how transactions should be reported on the return and there are a few factors that need to be considered.
It’s also worth understanding what you can claim on your expenses when you do your tax return.
In addition, you may need to consider things like payments on account. These involve paying six months’ worth of tax in advance on 31 January and 31 July each year.
And this is where our experience and expert knowledge comes into its own. We can give you advice on allowable expenses and guide you through what can become a complicated process.
We keep up to date with the latest tax processes and procedures so we can always give you the best advice and service possible.
Keeping track of numbers
If you’re self-employed, be sure to keep your business records handy when the time to file comes. We take all your paperwork, receipts and sales invoices and apply our trademark attention to detail.
We cross-check against bank statements, check for duplication and get everything in order ready to file. Which means you can relax, knowing it’s done right.
Above all, we save you precious time and money so you can focus on running your business.
What’s a self-assessment tax return
Tax returns are just a way of telling HMRC what you’ve been up to and what money you’ve got going in and out.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
They’re what HM Revenue & Customs uses to work out the income tax and national insurance you owe. Not everyone needs to file their own tax returns, but those who do use a system called self assessment.
If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.
HMRC says you must send a tax return if, in the last tax year (6 April to 5 April), you were:
- self-employed as a “sole trader” and earned more than £1,000 (before taking off anything you can claim tax relief on)
- a partner in a business partnership
You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
Time to get in touch?
Why not find out how TLC Accounts can liberate you from time spent keeping track of numbers.