Self Assessment

Take the stress out of tax time and have the confidence your taxes are done right with us.

Self Assessment

Are you required to complete a tax return?

If any of the following apply to you, the answer is yes.

• You are the director of a company
• You are self-employed or a partner in a partnership
• You have savings or investment income exceeding £1,000
• You are claiming child benefits and have an income exceeding £50,000
• You have lived and work abroad or have any foreign income
• Your state pension exceeds the £12,500 personal allowance limit
• You have capital gains arising from the sale or gift of an asset, such as shares or a holiday home

You may also voluntarily complete a tax return and pay Class 2 NIC’s in order to qualify for benefits such as a state pension

HMRC are not able to provide advice on how best you should file your taxable income in an effort to minimise your tax bill. Hence, professional consultation would be advisable in order to ensure you are paying the right amount of tax.

Are you aware of the deadlines imposed by HMRC?

You must register by the 5^th October if this is the first time you will submit a tax return or you may face a penalty fee

Ensure your tax return has been submitted by the 31^st January or risk facing a fine

Ensure you pay the tax you owe by midnight the 31^st January or risk accruing interest and fines

So leave it to the Tax Experts here at Ilyas Patel’s Accountants.

We’ll do everything from calculating your tax liability to filing the return online and everything in between. This includes analysing all the information you provide in order to reduce your tax bill as much as possible or negotiating payment plans with HMRC on your behalf if you are experiencing cash flow problems.