Self Assessment involves completing a tax return each year, this return must show your income and capital gains (profits on the sale of certain assets) and claim tax allowances or reliefs on your tax return. If you are self-employed, a company director, a trustee or receiving foreign income you will need to complete a self-assessment tax return each year -either by paper format or through an online submission.
If you send in a paper tax return, it must reach HMRC by midnight on 31 October, however you can submit it online until midnight on 31 January. You’ll have to pay a £100 penalty if HMRC doesn’t receive your tax return on time (if it is up to 3 months late) or more if it is a more extended period of time. The later you send your return, the more penalties you’re likely to pay. Harvey, Telford & Bates can ensure you submit an accurate self-assessment tax return, on time and claim all the relevant tax allowances or reliefs reducing your tax liability.
If you commission Harvey, Telford & Bates we can save you a lot of time, worry, and money by handling your self assessment tax return for you. We will do all the necessary computations, complete your return, and even offer advice on how to minimise your tax liability.
We can act as your agent dealing directly with HMRC on your behalf and, should you be selected for a self assessment enquiry, will act for you at any meetings and in all communications.