SELF ASSESSMENT SERVICES

If you’re self-employed, a company director or hold any other role that sees you receive income that is not immediately taxed, you’ll need to file a self-assessment tax return.

As a result, self-employed people need to maintain extremely detailed records of their sales and takings, their expenses and so on. This is just one of the challenges you’ll face completing your own self-assessment.

The most common reasons that a tax return may be required are as follows:

• You are self employed or a partner in a partnership
• You are a company director
• You have large amounts of savings or investment income
• You have untaxed savings or investment income
• You own land or property that is being let
• Your household receives Child Benefit and you have income in excess of £50,000
• You have income from overseas
• You have sold or given an asset away (such as a holiday home or some shares)
• You’ve lived or worked abroad or aren’t domiciled in the UK

Remember, the staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.

At SKS we use HM Revenue & Customs-approved software to:

• Complete your tax return
• Calculate your tax liability
• File the return online
• Liaise with you on the amounts to be paid and when they are due

As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.

This process helps to minimise your risk of a HM Revenue and Customs inquiry into your tax affairs. If you are experiencing cash flow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue and Customs on your behalf.