Self-Assessment
Self Assessment Tax Returns
Searching for 'self assessment near me?' Most people do not enjoy completing their annual tax return, so why not let the experienced team at HUSA Accountants do it for you?
Self assessment is now the primary method HMRC uses to collect tax returns. It relies on individuals correctly providing tax details. However. this can be complicated due to all of the intricate details required and the precise information about your business or personal finances. HUSA make the whole process of completing your HMRC tax return as simple and stress-free as possible.
What is Self Assessment?
Self assessment is not tax, it is a way of paying tax to ensure that you are paying the correct amount of tax each year. You are required to complete a self assessment if the following apply to you:
- You are working for yourself - you are self employed
- You are a partnership business
- You are a minister of religion - any faith or denomination
- You are a trustee or the executor of an estate
Avoid Incurring Penalties With Our Self Assessment Accountants
We use specialist HM Revenue and customs-approved software to help you with your self assessment tax return, leaving you free to concentrate on running your business. If your self-assessment is incorrect or submitted late you could incurr the following penalties:
- You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.
- You’ll be charged interest on late payments.
- over 3 months late – a £10 daily penalty up to a maximum of £900, over 6 months late – an additional £300 or 5% of the tax due if higher, over 12 months late – a further £300 or a further 5% of the tax due if higher. In particularly serious cases there is a penalty of up to 100% of the tax due.
Why Choose HUSA Accountants?
At HUSA Accountants, our main objective when completing your UK self-assessment tax return is to minimise your tax liability. Tax penalties have serious implications for you and your business. If you were to suffer such penalties, it not only has a knock-on effect on your credibility, but your profits will significantly decrease too.
What separates us from other accountancy firms is that we look to make sure you understand your self-employed tax return and enable you to get the most out of our tax return service by providing the vital information that you need to make personal decisions.
Our team are experienced in providing this information and answering any questions that you may have in plain English. Therefore, we ensure to provide an easy-to-understand combined accountancy and tax service to guarantee the best possible advice for every client. HUSA’s service is bespoke to each individual, emphasising our flexibility as an accountancy firm. Please contact us today if you would like help with your self assessment tax return.