Self Assessment Tax Return preparation
Now from £150
Do I need a Self-Assessment tax return?
The most common reason to file a Self-Assessment tax return if:
- You are self-employed with income over £1000 per year
- You are a Company Director
- You have Dividends from your own company
- You have property income over £1000 per year
- You have foreign income
- You have income over £100,000
- You received Child Benefit and your income is over £50,000
- You have received a notice to file a Tax Return from HMRC
What period is covered in the Tax return?
The tax year runs between 06/04/2019 and 05/04/2020. You have to declare the income you have earned between those days by 31/01/2021.
What do I need to provide?
To prepare your Tax Return we will need the following:
- All income details (even the taxed income, such as your salary), because the Self Assessment tax Return is a full income tax report. All income added together when your final tax bill is calculated. Also any tax you have already paid during the tax year will reduce your final tax bill.
- Supporting documents, such as P60/P45 form employment, CIS Deduction Statement if you are working in the Construction Industry, and the income-expense reports.
- Under the Money Laundering Regulations 2017 we need to identify you and your address
- We can also help to prepare the income-expense report for an additional fee if you can not provide that. In this case we will need all your invoices, receipts and business bank statements and we can give you an individual quote on that.
Why should I act now?
Chancellor Rishi Sunak announced the British Government's new support scheme for the self-employed on 26 March, 2020. Those self-employed will be able to access this taxable grant who have been active in the last tax year and are active now, planning to carry on with the business later on as well.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the amount of the grant. They will provide 80% of the monthly average figure above, up to a cap of £2,500 a month.
- Make sure your contact details are up-to-date at HMRC so they will reach you when the time has arrived. This will automatically update if you file your latest Tax return now.
- By filing your 2019/20 tax return as soon as possible, you can prove you are still in the business, which is one of the criteria mentioned above. Although your 2019/20 profit will not count in the calculation, the fact that you still carry on the business activities will be useful.
- Further advantage of preparing the Tax Return as soon as possible that now you have time to do it. Later you will need all your energy to rebuild your income and business.
- And of course you need a clear plan to get prepared with all your future tax payments. If it requires any negotiations with HMRC to set up a payment plan, it can be done now through the Coronavirus Helpline
Not to mention...
We have more than 50% early bird discount now
Why should you choose us?
- We have 9 years experience working with sole traders and small Limited Companies
- We have filed more than 7,000 tax returns already
- We can work fully online yet give you the friendly approach as a family run business
- We do our best to get all your questions answered as quick as possible
- We have 5-star review on Trustpilot
File your Tax Return through us.