As the UK has the world’s longest tax system, even the most basic tax return may be difficult. Taxpayers need to be aware of a variety of due dates and obligations. We assist individuals like you from the UK and other countries in completing their self-assessment tax returns. We will provide you with a free, no-obligation estimate before work begins as part of our customized self-assessment tax return service. The skilled accountants we employ at SK Accountants and Tax Consultants Ltd provide you the certainty that your tax return will be filed accurately and on time, preventing any late payments.
Do I Have To Submit A Tax Return?
You must fill out and submit an HMRC tax return if you are self-employed, a director of a limited company, or if you receive income during the tax year for which tax is payable. More precisely, if you fit into one of the following groups, you could be required to file your tax return online:
- A sole proprietor who is self-employed and earns more than £1,000 during the tax year
- A partner in a business partnership
- Receive income from savings, investments, and dividends
- Receive rental income
- Want to claim certain tax benefits
- You or your partner earned child benefits and earned more than £50,000
- Have sold any assets you had during the tax year, like property or shares
- PAYE earnings of more than £100K
Benefits Of Filing Self-Assessment Tax Returns Earlier
- The July payment on account
Depending on your income tax due from the prior year, you could be obliged to make account payments. In order to prevent a “surprise” next year, calculating your tax burden beforehand will give you more precise information. It will give you an upfront understanding of your prospective tax obligations. If your income has declined from the previous year, you could also be able to lower your account payments.
- Receive your reimbursement
If you owe taxes, filing your return early may enable you to get the reimbursement more quickly. It will be very helpful for your cash flow throughout the summertime.
- More time to prepare taxes
When you prepare your return early, you have plenty of time to think about potential tax planning strategies. Hence, you can apply them in time for the upcoming tax year.
- Don’t be surprised by the unpredictable circumstances
If you wait until the last minute to file your self-assessment tax return information, unforeseeable events like illness, lost information, or inclement weather may add further stress. Keeping track of your tax issues efficiently helps you avoid additional hassles like missed deadlines and HMRC interest and penalties.
Experiencing A Penalty For Filing Your Taxes Late?
Anyone might pay a penalty for filing a self-assessment tax return after the deadline. The most effective strategy is to file your tax return as soon as you can. Moreover, if you can, challenge any late fees. In many situations, HMRC can waive late filing fines if you can provide a valid cause. We can assist you in canceling any tax returns that are unnecessary and in appealing any late fees.
Why Should You Go with SK Accountants and Tax Consultants Ltd for Self-Assessment Tax Returns?
It is getting harder and harder to stay up to date with laws and comprehend returns due to the rapid change in tax law. However, in order to file complex self-assessment tax returns on time, you must be able to guarantee that they are correct. If not, you risk severe fines and penalties.
We step in at this point. We can provide a customized self-assessment tax return service that will take care of everything for you. It is possible due to our years of expertise working across many industrial sectors. No matter where you are in the UK, we can still assist you; all we need are copies of your paperwork. To find out more about how we can assist with your self-assessment tax returns, get in touch with us now.