Although the majority of Self Assessment Tax Returns are submitted for those in self-employment, there are several other circumstances which might result in you being sent a Tax Return for completion.
- You may be in receipt of income not taxed at source, such as income from Land and Property or casual earnings
- You may be a Director of a limited company
- The level of your total income may result in you becoming a Higher Rate Taxpayer
- You might have sold an asset giving rise to a Capital Gain
The basic standard Tax Return is ten pages long and there are ten separate sets of supplementary pages which you may need to complete, each of these varying from two to eight pages in length! The accompanying explanatory notes extend to thirty five pages – and these are just based on filling in the form itself and excludes the notes on how to calculate your tax liability!
It is no wonder that so many people ask us to deal with the forms for them.
Alternatively, you might have suffered too much tax at source, in which case you will need to submit a Tax Repayment claim form to obtain a refund of tax.
Our experienced and helpful Income Tax Advisers in Devon can not only ensure that your annual Tax Return is filed within the statutory time limit and advise as to when tax payments need to be made to avoid penalties, surcharges and interest, but are also able to deal with any questions you have and offer advice to help keep your liabilities to a minimum.
Our Tax Return software produces the Return form itself, along with detailed schedules of the information contained therein, and deals with the online submission of the form. It also produces a clear calculation of your Income Tax liability and details of when tax payments will need to be made.
Once we have been registered as your tax agent, we will also have access to your Self Assessment account information with HM Revenue & Customs, via a secure internet connection, and this enables us to deal with any questions you may have regarding outstanding amounts and payments already made.
As ever, we aim to provide the level of service you need at a cost you are comfortable with. Whether you wish to collate all of the information yourself and just want us to prepare the Return based on your figures, file it and calculate the liability; or whether you want to provide us with the basic information and deal with everything from there, we are happy to oblige.
Whichever level of service you require, we will seek every opportunity to advise you on effective tax planning to minimize your liability within the ever changing taxation legislation.