Self-employed individuals or landlords earning more than £100,000 annually are required to do a self-assessment tax return to declare any untaxed income to the HMRC. This also applies to those who are claiming tax relief on a pension, as well as those who earn money from side gigs and investments.
Although you can do this yourself, you have a better chance of filing the right information with help from a self-assessment accountant. Tax laws and regulations can be complicated and challenging to navigate, and any mistake can incur hefty penalties or an HMRC enquiry. It’s always wise to seek professional assistance from a chartered accountant to keep your tax return details in order.
Make sure you’re prepared.
Preparing for a self-assessment can be challenging because it involves maintaining spreadsheets or records for every tax year. Moreover, you must monitor and log your expenses and income as you go and ensure your business account is separate from your business and personal expenses. You can eliminate the guesswork by hiring a self-assessment accountant, but be sure to do your homework and work with someone trustworthy and reliable.
Save time and effort.
Self-assessments let the HMRC know that you are self-employed or need to file a tax return. The deadline for online assessments is on the 5th of October each year. If filing a tax return, you must do so before the 31st of January.
Allenby Accountants has the best self-assessment accountants offering fair, transparent, and simple pricing for self-assessments and tax-related services. Set an appointment with one of its chartered accountants to learn how they can help. The self-assessment accountant can back you up during tax season, especially with your tax returns. They can help you avoid missing deadlines and incurring penalties while ensuring accurate records for correct filings. Moreover, they will make sure you are not paying too much tax.
