Self Assessment Accountant For Tax Return Service

For self-employed people, who don’t have their tax deducted as they earn, a self-assessment tax return must be completed to enable HMRC to tax them correctly on their earnings. The importance of maintaining good financial records cannot be overstated, from small business owners to company directors.

There are multiple reasons and circumstances that a tax return may be required are as follows:

• You are Director of a limited company & receiving untaxed income
• You are self-employed or a sole trader
• You are a Partner in a partnership
• You are employed and earning over £100,000
• You are earning over £50,000 and receiving child benefit
• You are earning income that hasn’t been taxed
• You are receiving property income
• You have large amounts of savings or investment income
• You own land or property that is being let
• You have income from overseas
• You have sold or given an asset away (such as a holiday home, some shares or crypto)

Tax legislation is getting increasingly dynamic in the UK, which makes it difficult to keep up with current regulations and understanding tax returns for business owners, directors and self employed people. But in order to meet the tax return deadline, individuals need to be able to ensure that complex tax returns are submitted correctly. That’s why having access to professional expertise in the form of a dedicated self assessment accountant is encouraged. Some of the main benefits also include:

Saving time and hassle
Completing a self assessment form requires an intensive amount of time and record keeping to be able to complete it properly. Outsourcing this process to a self assessment accountant can save time that can invested elsewhere such as your business or family.

Avoiding frustration and confusion
Like any tax issues, it takes time to work your way around the system and understand what is required from you. A self assessment accountant can help simplify this process.

Avoiding potential fines or late submissions
Our self assessment accountants ensure that your form is submitted accurately so there are no risks of receiving fines or the attention of HMRC when filled incorrectly. We’ll also ensure to have effective time keeping so that everything is done well before any deadlines.

Avoiding mistakes and misinformation
Filling it out correctly can be confusing, especially if you are new to all this. Mistakes can be made, and these can be costly. A self assessment accountant will review and ensure all information is correct before submission.

Being up to date on tax legislations
Tax legislation changes all the time, and our self assessment accountant are keep up-to-date with it so you don’t have to.

Getting potential savings
An experienced self assessment accountant will know where to find deductions so you could reduce your tax bill legally. There’s also the risk of paying too much tax if you fill in your Self-Assessment form yourself. When you use an accountant you may be able to save more money than you spend on the service, which could be hundreds of pounds or more.

Professional record keeping
A self assessment accountant can help you to organise your files to make the process easier and quicker in the next tax year. Our accountants can also provide tips on managing your finances to make record keeping and bookkeeping easier.

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Our self assessment accountants can provide up-to-date tax advice and help, ensure you are compliant with any new tax legislation in the UK, and aim to mitigate your tax liability at all times. When processing your tax return, it is the perfect opportunity to review your financial circumstances and to ensure you are claiming all the tax relief possible. MJ Kane are able to assist with all tax returns ranging from self-assessments to large company accounts.

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• Money you earn from employment
• Profits you make if you’re self-employed – including from services you sell through websites or apps
• Some state benefits
• Most pensions, including state pensions, company and personal pensions and retirement annuities
• Rental income (unless you’re a live-in landlord and get less than the rent a room limit)
• Benefits you get from your job
• Income from a trust

The tax year runs from the 6th April to the 5th April the following year.
The first payment on account for the tax year ending the following 5 April is due on the 31st January.
If you have a second payment on account due for the tax year ending the previous 5 April it is due for payment on the 31st July.
It is worth remembering that not everyone has to pay these payments on account.

MJ Kane specialises in serving serves small and medium-sized businesses of all kinds (sole-trade, limited, partnership, contractor, charity etc..), but we are best known for our expertise in these industries:

• Professional services – Real estate agents, insurance agents, financial advisors and more
• Personal service contractors – HVAC technicians, plumbers, electricians, painters, mechanics and more
• Retail – Clothing store, e-commerce sellers, convenience stores, coffee shops and more
• Health and wellness – Gyms, salons, spas, dentists and more
• Restaurants – Quick-service restaurants, fine dining restaurants, coffee shops, caterers, specialty food providers and more

Sole Traders are required to submit a self-assessment tax return.

Partnerships are required to submit a partnership tax return, and each partner must also submit a self-assessment tax return.

Limited Companies are required to submit an annual return, CT600 company accounts, and directors are all required to complete a self-assessment tax return. You can learn more about our guidance on self assessments for directors. We also have provide advice for limited companies and self assessments.

Self-employed individuals or those required to submit a Self Assessment need to keep their self assessment tax records for at least five years after the 31 January deadline of the relevant tax year. View our guide that extensively covers on how long you should keep your self assessments records in the UK.