What is Self Assessment?
If you are self employed, once a year the HMRC require that you complete your self assessment tax return to ensure that you are paying the right amount of tax. In order to make an accurate tax return you are expected to keep records of expenses, sales and purchases made.
Self Assessment tax returns can be complicated, confusing and lengthy – at U-Tax we can help you reduce your tax bill and get any money due back to you quickly and efficiently.
What does it cost?
Many accountants will charge upwards of £200 per year to get your return finalised and submitted to HMRC. If you arrive at your accountants with a bin bag full of receipts, then the figure charged is likely to be north of this. Getting your self assessment completed needn’t be this expensive.
For accountants with the know-how and the latest software, the process for them is fairly straight forward.
For just £75 + VAT we promise to:
- Include employment income, pensions, benefits and expenses
- Deal with all your self assessment affairs
- Complete your tax return
- Calculate your tax position
- Send you a full copy
- File your return online with H M Revenue & Customs
- Deal with the Revenue on your behalf
- Be available for all your tax queries
Why not go for a market leading price? Our price includes all of the services that you require from an accountant, your return finalised and submitted to HMRC. It goes without saying that we will either minimise the amount of tax you pay, or look forward to getting you a tax refund.
Who needs to file a return?
You will need to consider using a HMRC registered tax return service if you meet the following criteria:
- Your work for yourself
- You are a company director
- You are a minister of religion
- You receive untaxed income that cannot be collected through a PAYE tax code
- You are a trustee
- You have taxable foreign income
- You need to claim annual business expense in excess of £2,500
If you are one of the above, or simply registered as self-employed (even if this is not your current status) then you must complete a self-assessment in order to avoid penalty charges and increasing fines.
If you are aware that you will need to complete a return, you should get your UTR (Unique Tax Reference Number) application completed now. Unfortunately, a lot of people forget to register for a UTR and try to submit their self assessment without it. However, in order for your return to go to HMRC, it must be accompanied with your UTR. The Self Assessment will be rejected and if it has not been completed early enough you could incur a fine.
HMRC are hot on the heels of late submissions, if you miss the 31st January deadline you could incur multiple penalties. If you miss the deadline you will be hit with a £100 instant fine and dependent on how late your payment is you could be forced to pay double the amount of tax you owe!
By getting it done sooner rather than later, you’ll avoid any costly fines. If you need to get your self assessment completed then contact U-Tax. Our fully inclusive rates start as low as £75 + VAT. Read our top tips on how to get your Self Assessment completed here.