Self Assessment Accountant

Self assessment can be a time consuming and often confusing business for busy individuals.

And judging by the hundreds of thousands of taxpayers who are penalised by HMRC each year it can also be very costly if:

• Deadlines are missed
• Incorrect returns are delivered
• Appropriate records are not retained or presented

We aim to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment service, including:

• Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
• Calculating your tax liability
• Completing and filing your tax return on your behalf
• Advising you when various payments are due and how much to pay
• Advising on appropriate record retention
• Introducing you to any relevant tax saving ideas
• Representing you in the event of your being selected for investigation by HMRC

What is Self-Assessment Accounting?

As a self-employed accountant, you need to understand self assessment taxes in order to stay compliant and remain profitable. We can provide you with the knowledge and tools necessary to help keep you informed on your taxes, ensuring

Self-assessment accounting is the accounting term used to define the responsibilities of self-employed accountants with regards to taxes. This involves keeping track of your income and expenditure, calculating your tax liability, and filing annual tax returns with HM Revenue & Customs (HMRC). As a self-employed accountant, it’s essential that you understand self assessment taxes properly in order to remain compliant and make sure that you are making an accurate profit.

How to File Your Self-Assessment Tax Return?

Filing your Self-Assessment Tax Return with HMRC is a straightforward process, but there are important steps that you need to complete in order to do it correctly. Firstly, you must register with HMRC as self-employed. Then you must keep detailed and accurate records of all the money coming into your business and going out of it; this includes income from both self-employed and employed work. Finally, when it’s time to submit your tax return, you can complete this online via HMRC’s secure system.

Different Types of Self-Employment Income Subject to Self-Assessment Tax

There are many different types of income that come under the jurisdiction of Self-Assessment Tax. These include self-employment income, rental income, foreign income dividends and money earned through investments. It is worth noting that all employment earnings are subject to Income Tax and therefore need to be declared on your Self-Assessment tax return. Taxes owed often depends on how much money you made over the year; it is important to check with HMRC for exact amounts as these change often.

Calculation of the Amount Owed for Self Assessment Taxes

Self assessment taxes are calculated from the total amount of income received over the course of the calendar year. The exact figure will vary based on your individual circumstances, such as any benefits or allowances you receive from employment. To calculate the amount owed, simply take your total income for each tax year and subtract any allowances, deductions or exemptions to arrive at a taxable income figure. The rate of Self Assessment Tax is then applied to this figure to determine the final amount due.

Contact Us today to discuss how we can spare you the headache of Self assessment.