Most people do not enjoy completing their annual tax return, so why not let the experienced team at HUSA Accountants do it for you? We make the whole process of completing your HMRC tax return as simple and stress-free as possible. Self assessment is now the primary method HMRC uses to collect tax return. 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.
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 executer of an estate
Self Assessment Accounting
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 for your credibility, your profits will significantly decrease also.
What separates us from many other accountancy firms is that we look to make sure you understand your self-employed tax return and enable you 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, ensuring we 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.
Avoid Incurring Penalties With Our Self-Assessment HelpAs self-assessment and tax return specialists, HUSA are on hand to help you complete your self assessment tax return correctly to help you avoid incurring any penalties and late submission fees. Self-assessment can be a confusing and time consuming task if you do not have all the relevant documents required by HMRC or you do not fully understand the process. Our specialist accountants will complete your tax return accurately and quickly, calculate you tax liability and file the return online. We use spcialist 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.