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Self-Assessment Self-Assessment
Self-Assessment

The Accountants London can help with your Self-Assessment

When it comes to any accounting matters, especially tax , our accountants are here to help you with your self-assessment but also to help you minimise your tax liability. With a personalised and specialist accounting offering we will be able to ensure that your business thrives and that you are in the best position to make any investments and decisions about your business.

Your dedicated accountant in London

When you work with The Accountants, London you will be assigned a dedicated accountant who will work with you and become familiar with the business you run. This will help them to offer you the very best in customer service. Your dedicated accountant will be able to meet with you or to speak to you on the phone whenever you need them, and will report back to you, regularly, on various aspects of your finances.

Offering a tax return service that is fully comprehensive

Whenever you work with an accountant from The London Accountants you will know that you we'll have our complete support when you have to communicate with HMRC and that we will also keep you updated as to deadlines for submissions so you are never fined for late filing.

A tax return service

We always offer exceptional service and we will ensure that submissions online of your PTR are made at the right time and we will also inform you as to any tax due. We have an eight-step strategy that we offer, so you don't pay any more than you have to and that all submissions are completed correctly:

Our 8 step strategy:

Here is our eight point checklist:

  1. Details provided by you will be utilised as your PTR is completed for you
  2. Your personal tax and payments do will be calculated so that you are aware of the situation, and you avoid paying any penalties or interest due to late payment or submission
  3. Advice will be given to you on claims and elections not including any tax credits that's a rise from your personal tax report.
  4. We will ensure that your tax bill is no larger than it needs to be. following instructions from you we can go on to file any claim or elections in the right format to be included on to HMRC on your tax return.
  5. Submission of your PTR will be online allowing you to monitor exactly when HMRC receives it. If you are eligible for a tax repayment online filing will make this faster.
  6. All the calculations done by HMRC will be checked by us and we’ll set up a schedule claim a full repayment if any overpayment has been made.
  7. If a refund is due to you we will take your bank details so that the refund can be sent by electronic transfer.
  8. Communication about your PTR will be overseen by us if HMRC send them to us directly, or if you forward them onto your dedicated account manager when you have receive them.

Your self-assessment tax return

The self-assessment or personal tax return is the method by which tax is gathered from an individual who will give details of any profits gains an investment and their income over the year and this is how their liability to tax is calculated.

Some methods of tax collection like PAYE are collected by a person’s employer at source. Other types of income, for instance, from property rental are not taxed at source. We will check that all calculations are correct and that any overdue payments are re-paid to you.

You need to submit your self-assessment tax form if you

  • Have had dividends paid to you as an investment
  • You are acting as trustee
  • You run a business as the sole trader or are self-employed
  • You lived overseas but on income that was paid in the UK was sent to you
  • If you are not in a partnership but are a partner
  • if you had income from abroad that was liable for UK tax
  • If an amount of more than £2500 has been received that is not being taxed for instance if you have been renting out a property
  • You have had income from any investments or any savings you have amounts to more than (before tax) £10,000
  • You have profited from the sale of assets, such as a buy-to-let property or shares
  • You have been paid child benefit more than £50,000 in that tax year

Chargeability

When someone is liable to income tax or capital gains tax they must contact HMRC within a six-month period of the relevant tax being payable. An example of this may be when an individual had an income in dividends paid to them, in that particular tax year. In this case that person would need to notify HMRC by October of that year that they were liable to be taxed on this.

To file their tax return an individual would have to be registered for self-assessment and will also need to have a UTR (Unique Tax Identifier number).

Tax payment dates

Payment of tax is made at two points through the year. The first date is the 31st of January on the other the 31st of July. Each date correlates to a payment of half of the amount that has been due in the previous year and will apply to payment of income tax. It will not be applicable to the payment of capital gains tax. A balance payment becomes due on the January date in the following tax year. There will be no requirement for a payment if the tax due from the preceding year is less than £1000 or if your tax is collected at source at 80%.

For all that you need to know about tax payment and PTR, contact us now at The Accountants London by email or by phone. Get in touch with us today.

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