Need Self Assessment Help and Advice? Let an Experienced Account Guide You.
For many people it gets to autumn, and then winter and when they look at their books or personal accounts, they realise they need some help with their self assessment tax return. There are a lot of regulations to negotiate and policies on personal income tax change year to year so it’s understandable that being sure of filing correctly is stressful.
Unfortunately, searching ‘how to do a self assessment tax return’ on 31 January indicates you may have a problem as HMRC is notorious for being strict with deadlines. Midnight on this day is the closing date for it to receive paper versions, online versions and the tax and national insurance payments that are due. The registration deadline for self assessment is around the first week of October each year.
As an experienced self assessment accountant firm, Adams Moore can guide you in the right direction and ensure you are filing favourable accounts while not claiming for anything unauthorised. For example, did you know there are now flat rates that can be claimed for home working, which are dependent on the hours you work? Peace of mind is what many of our clients tell us they want; as individuals who are sole traders, own rental properties or earn over the threshold to retain the child benefit they have been paid, they do not want to receive an unexpected bill just because they didn’t know how to do their tax return properly. Whether it is your first year of filing, you have previously executed a return but now need assistance, or you are thinking of changing accountant, we offer a free consultation where we can better understand your situation and offer a full service quote.
Here we have written a short guide entitled ‘do I need to complete a self assessment form?’, which may highlight an area you weren’t aware of. You could be a full time employee and have tax deducted through your pay packet, but if you have earned income in another way, you may need to file a return yourself. Good book keeping is often the answer, and we have also created some tips on what will help with your self assessment.
Other Specialist Services We Offer as Self Assessment Accountants
Business Structure Advice – While being self employed has its advantages, so does trading as a limited company or as a partnership. The best choice for your business is reliant on a wide number of factors, such as requiring regular employees and level of turnover. If when completing your self assessment tax return we observe that an alternative business structure would be more beneficial for you, we will automatically flag this up and invite you for a discussion so we can explain more. VAT is another influence, which we can offer advice on so you see the most advantageous result after year end.
Mortgage Application Advice – Those who are sole traders and use the figures from their self assessments for mortgage purposes often require help from a third party, such as an accountant, who can verify the numbers. Three years of accounts is becoming the normal amount required from lenders and immaculate bookkeeping is required. Planning ahead for a mortgage or re-mortgage application is essential so this is another good reason to turn to a self assessment accountant for direction.
Whether you are unsure of how to do a self assessment tax return or you require assistance with associated issues, such as having tax records for a mortgage application, contact us to discuss your accountancy requirements.