Self Assessment Tax Returns
As a self-employed individual, it is important to understand the various tax obligations and deadlines that come with running your own business. The UK’s tax code is known to be complex, so seeking the assistance of a professional can be beneficial in ensuring that you are paying the correct amount of tax.
There are various reasons why you may need to file a self-assessment tax return, such as being a company director, earning income from investments or overseas, or owning rental property. It is also required if your household receives Child Benefit and your income exceeds £50,000, or if you have recently sold or given away assets such as stocks or a vacation home.
At Cutts and Co Accountants, we offer a range of services to help you with your self-assessment tax return. Our team will use HM Revenue & Customs-approved software to complete and file your return online, calculate your tax liability, and communicate with you about any payments that are due. We can also review your return to identify any potential tax savings and address any anomalies before it is submitted.
If you are experiencing financial difficulties, we can assist with negotiating a payment plan or deferring tax payments with HM Revenue and Customs. Our fixed, competitive pricing allows you to focus on running your business without worrying about the complexities of self-assessment tax returns.
It is crucial to file your tax return by the deadline to avoid incurring late fees or penalties. In the UK, the deadline for filing your self-assessment tax return is 31st of January 2023. Failing to meet this deadline can result in fines and potentially damage your credit score. By staying organized and seeking the assistance of a professional, you can ensure that your tax return is filed on time and accurately.