At the end of each financial year (5th April) individuals need to complete a self-assessment tax return for various reasons, including;
- Being self-employed as a ‘sole trader’ and earned more than £1,000
- Partner in a partnership
- Receiving income from investment property
- In receipt of other income not taxable at source, i.e;
- Tips and commissions
- Income from Savings and investments
- Foreign income
- More complex tax affairs, i.e. higher rate tax payers or company directors
- In receipt of dividend income
- Capital Gains from sale of assets
- Foreign resident/national with receipt of income from the UK
- Personally claiming annual business expenses greater than £2,500
You can also choose to submit a tax return to claim some income tax reliefs and to prove you are self-employed (to claim tax-free childcare or maternity allowance).
If you are not already registered, the process is quite simple and we will help register you with a Unique Taxpayer Reference Number (UTR).
We will go into depth with you regarding your personal income streams and work with you to ensure your tax affairs are correct and up to date.
We take control of your personal situation so that you can concentrate on running your business.