Income tax & Self-Assessment

If you are self-employed or a Company Director then you need to complete a Self Assessment Income Tax return each year. We understand that even a straightforward tax return can seem daunting, and that a more complicated one can keep you up at night.
That’s where we come in. Anyone can file a tax return online using the right software, but the benefit of having a qualified (ACCA) accountant file your Self Assessment Tax Return is that you can be sure that you’re paying the correct amount of tax. We take the time to look at your business and personal circumstances as a whole and work hard to make sure that all expenses and deductions (including Accountancy fees) are claimed.
Using Xero already? Whether you’re using a Sole Trader or in a Partnership we’ll complete your annual accounts and file your Self Assessment for you. Our fixed fee is £1000 for a Partnership and £500 for a Sole Trader.
If you have a Self Assessment that needs to be filed for other reasons, e.g an investment property or Capital Gains Tax then get in touch so that we can better understand your needs.
We can deal with:

  • Landlords
  • Capital Gains Tax
  • Personal Tax
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Who Needs To Compute An Annual Self-assessment Tax Return?

There are various reasons for needing to complete a self-assessment tax return with HMRC. Some examples include rental income, savings and investment income, in receipt of child benefit, self-employment income, Directors and employees with gross income over £100,000.

When Is A Tax Return Due?

The tax return year runs from 6 April to 5 April and is due for payment and submission by the following 31st January. For example the tax returns period to 5 April 2016 will have a submission and payment due date with HMRC of 31st January 2017.

Do I Need A Qualified Accountant To Submit My Tax Return?

Now you do not need to hire a qualified accountant as you are free to complete it yourself. We recommend that you use a qualified accountant as they are professionally qualified and experienced to calculate your tax return.

What Is The Advantage Of Using A Qualified Accountant To Complete My Tax Return?

There are two main roles an accountant fulfilled when acting for a client with his tax affairs. The first one is to ensure everything has been prepared correctly, so that is compliant and the second one is to review any potential tax savings that may be available.

Are The Time Frames The Same For Everyone?

Yes, you will need to complete your tax return by 31st January following the tax year, regardless of the reason for registering for self-assessment.

If I Have Several Income Sources, Will This Need To Be Accounted?

SME will need to account for all our taxable income sources and have an annual checklist we can tailor for your circumstances to aid in the information collection process.

What Are SME Cloud Accounting’s Costs For Completing The Annual Tax Return?

If you take one of our monthly business packages, then your tax return service will be included as part of this. If you require a stand alone tax return service, then we are happy to offer a personalised free no obligation quote. Feel free to contact us now to get the ball rolling.

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